Kickstarted in 2020 as an initiative by international Lebanese businessman Alexandre Harkous, Cedar Oxygen Fund provides a valorous approach to solving Lebanon’s accumulating hardships.
The independent private fund, which is based in Paris, France, aims to revitalize the Lebanese industrial sector by injecting “fresh funds” into pauperized businesses.
On Thursday, it announced an economic cardioversion “shock” of nearly $100 million in long-term credit loans to struggling local industries.
With that, Cedar Oxygen has entered its second phase of succor to aid and assist local businesses and crafts that are anxious to obtain credit and loans critical to staying afloat amidst the widespread outward flocking of skills and brains.
The second phase reportedly includes 55 new potential borrowers. Interested candidates are now filling out their respective paperwork and applications before being assessed by the Cedar Oxygen Committee.
“Despite all the challenges in Lebanon, we are the largest active and independent debt fund in the country,” Harkous stated in his press release. “We are here for the sole purpose of helping Lebanon and its people.”
Cedar Oxygen’s Credit Committee, which comprises internal and external financial experts, has been able to “address the requests of more than 80 Lebanese companies and approve 39 private Lebanese borrowers amounting to USD 59,000,000” during the last 12 months only, according to the press release.
The fintech company is also a partner with the Association of Lebanese Industrialists (ALI), a member of the Global Impact Investing Network (GIIN). It identifies with the principles and goals of the UN Sustainable Development Goals (UNSDG).
In addition to private and corporal investors in the fund, the Central Bank of Lebanon (BDL) was the first entity to endow in the fund, as mentioned by Cedar Oxygen which pledged to fully reimburse this token of trust.