The agreement was signed by both Chairman- General Managers of the Lebanese Canadian Bank, Mr. George Zard Abou Jaoude, and MEA, Mr. Mohamad El Hout, in the presence of members of their Board of Directors and highly-ranked officials from both parties. The signing ceremony took place on the bank’s premises.

This initiative serves to confirm the bank’s commitment to continuously support and encourage all sectors of Lebanon’s economy.
In his speech, Mr. George Zard Abou Jaoude praised “the efforts of Mr. Mohamad El Hout, Chairman-General Manager of the national carrier, who succeeded in pushing the company forward and overcoming all rising obstacles, thus placing the airline again among the ranks of leading airliners, in close cooperation with the Central Bank of Lebanon, major shareholder.”

Mr. Abou Jaoude highlighted the role of the new cooperation between the bank and the airline in paving the way for a better future that will witness a constructive and beneficial synergy between the financial and economic sector on the one hand, and the tourism sector on the other. He added that this support comes in line with a series of financial projects LCB intends to implement as incentives for Lebanon’s various economic institutions.

Mr. Mohamad El Hout, meanwhile, expressed his “gratitude to the Lebanese Canadian Bank, represented by its Chairman and members of the Board, for the trust they have placed in the national carrier, considering that this initiative will largely contribute in increasing the capacity, productivity and supplies of the company.” Mr. Hout expressed his pride with the Lebanese Banking Sector capabilities, competing with International Banks in financing similar operations not only on the National market but internationally.




(c) Centre for Asia Pacific Aviation. Date posted: 15-Aug-08

In-depth analysis of the Middle East airline and airport sectors, including latest traffic and financial reports and outlooks, is available each month in the Monthly Essential Middle East.