A partnership that provides trade finance solutions from Cedar Oxygen to members of the Association of Lebanese Industrialists
Beirut – Cedar Oxygen (Cedar O2), a Luxembourg domiciled, economic recovery platform for Lebanon initiated by Lebanese financial experts, signed a Memorandum of Understanding (MoU) with the Association of Lebanese Industrialists (ALI), the national association representing industrialists in Lebanon, to offer financing and financial services to Lebanese Industrialists. In a ceremony held at the ALI headquarters the MOU was signed opening several avenues of cooperation and allowing industrialists opportunities to survive and flourish, in a time they are most in need of trade-financing to facilitate the import of raw materials and export finished products.
Beyond offering financing to industrialists, both parties agreed to collaborate on several avenues including: matching industrialists with suitable financing solutions, sharing of market intelligence and data, mutual support in communication & marketing within the umbrella of promoting “Made in Lebanon” initiative and the navigation of Economic, Social, and Governance challenges.
Founded by expat Lebanese business leaders, Cedar O2 is seeking to address the US$2bn short-term finance shortfall faced by Lebanese manufacturers and industrialists. Cedar O2 founders mobilized to support the Lebanese economy, by actively reviving trade finance in Lebanon, and thus set-up a platform for financing credit-worthy industrialists, allowing them to import raw materials and assure necessary liquidity. Cedar O2 will also aim to make finance available to net exporters, net importers and to those who solely import goods; and assure that fair access be afforded to all types of Lebanese industrialists/manufacturers.
Alexandre J. Harkous, Chairman & Managing Partner of Cedar Oxygen said: “We could not watch from afar and sit idle knowing that our financial expertise could save jobs, businesses, industry and contribute to easing the pressure due to the crisis in Lebanon. We initiated Cedar O2 because we believe in Lebanon, its industry and the strength of Lebanese to overcome challenges. Our financial platform is proof that there are solutions and we as Lebanese can make them happen”
Cedar O2 from inception has developed a partnership with Lebanese industrialists conducting needs assessment of manufacturers as well as an extensive due diligence on financial requirements and export capabilities as well as market dynamics given the current crisis. The Association of Lebanese Industrialists offered critical support.
Dr. Fady Gemayel, President of the Association of Lebanese Industrialists said: “In these difficult times, we all can help and we need to cooperate together. Industrialists can provide many of the needs of the Lebanese citizens with the expertise and quality of what we produce, further more we are an engine to export and bring jobs and hard currency to Lebanon. Our partnership with Cedar Oxygen will provide a breath of fresh air and will create a social, economic and financial impact in Lebanon all in the right direction, thus our partnership is for the benefit of all those involved particularly the industrialists.”
Cedar Oxygen secured a $175 million as an anchor investment and is now seeking additional investment from DFIs (Development Finance Institutions) and other impact-focused institutions, the successful partnership with industrialists will allow the Cedar O2 initiative to gain economies of scale thus attracting more investors to plug in the $2Billion dollar gap created due to the current financial crisis and that is required by industrialists manufacture at capacity and export.
Lebanon has 4,700 industrial firms generating around 14% of GDP and one of the biggest employers in the country. Industrialists account for 93% of Lebanese exports, generating around $3.17 billion in finished goods sales per annum. In addition, the sector accounts for around $1.8 billion in raw material imports into Lebanon. With a well financed industry Lebanon will be able to increase exports and supply local demand in a sustainable manner thus limiting the impact of the crisis on the economy and the country.
For more information: www.cedaroxygen.com
About Cedar Oxygen
Cedar Oxygen is a Luxembourg domiciled, economic recovery platform which was established in May 2020 by an experienced team of Lebanese expat, US and EU financial services professionals and investors. Its sole purpose is to alleviate the crisis Lebanon is experiencing by developing short duration lending solutions for Lebanese industrialists, both importers & exporters, to trade their way out of the economic crisis.
Cedar Oxygen has a dedicated team of professionals, supported by best in class service providers in Luxembourg. It works in partnership with the Association of Lebanese Industrialists.
Cedar Oxygen is a member of the Global Impact Investing Network (GIIN) and the platform is aligned with UN Sustainable Development Goals (UNSDG). We report annually on the impact delivered through our investment strategy.
Cedar Oxygen MoU signature with the Association of Lebanese Industrialists in the Press:
Annahar – Online
Zawya – English
Zawya – Arabic
NNA- National News Agency
Journal a lire
AL Iktisal Al Loubnani
Al Bank Wal Mustathmer