Lebanese Central Bank Announces Major Decision

The Lebanese Central Bank issued a statement regarding the amendment of the provisions of "Article Eighth Bis" of its Decision No. 6116, aimed at strengthening oversight and governance of the investments made by banks from its resources since 2013 into startups, business incubators, and venture capital companies. This measure is taken to protect its assets and ensure the recovery of funds. It explained that the bank's financing for these activities has exceeded $300 million, despite these investments not aligning with its traditional functions, and noted deficiencies in monitoring and managing these investments. The bank emphasized the importance of transparency and accountability, advising the implementation of strict procedures for banks and companies to safeguard the Central Bank's rights and secure the repayment of amounts owed. Additionally, legal measures will be taken in cases of misuse of funds. This initiative is part of a policy to review and improve asset management and ensure the recovery of funds. The bank affirms that it will not tolerate any attempts to infringe upon its rights or conceal information.

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