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Citigroup, Opic to establish loan facility for Lebanon

DUBAI — The Overseas Private Investment Corporation (Opic) and Citigroup will work to establish a loan facility to support Lebanon's economic recovery, mobilising private capital for home reconstruction, mortgage financing and small and medium-sized enterprises (SMEs).

President George W. Bush announced the Opic-Citigroup cooperation at the White House on Monday.

When finalised, the Opic-Citigroup facility is intended to mobilise private capital through Lebanese banks to finance SMEs, home repair and reconstruction, and long-term mortgages. Backed by the Opic guaranty, Citigroup would be able increase both the amount and tenor of the funding it can make available to Lebanon's private sector. President Bush said, "Our goal, and our mission, is to help Lebanese citizens and Lebanese businesses not only recover, but to flourish, because we believe strongly in the concept of a democracy in Lebanon." "Opic is in a unique position to assist Lebanon's financial sector in a timely manner following the recent hostilities," said Opic President and CEO Robert Mosbacher, Jr.