EBRD and EU support sustainable food retail investment in Lebanon
The European Bank for Reconstruction and Development (EBRD) is supporting the resilience and sustainable growth of Lebanon’s food retail sector with a US$22 million financing package for Spinneys Levant Limited, a leading retailer in the country operating through its subsidiary Gray Mackenzie Retail Lebanon SAL (GMRL).
The package comprises a US$20.5 million senior loan from the EBRD and a US$1.5 million co-investment grant to support Spinneys Levant’s capital expenditure programme in Lebanon, and finance energy efficiency investments that would otherwise not be commercially viable.
The investment benefits from blended concessional finance (first loss guarantee mechanism provided by the European Union under the European Fund for Sustainable Development Plus (EFSD+) “Municipal, Infrastructure and Industrial Resilience (MIIR) Guarantee Programme”.
The project reflects the EBRD and the EU’s continued commitment to supporting leading private-sector clients in Lebanon, including amid heightened economic uncertainty and a highly volatile regional environment. Funds will be allocated to expand store networks and increase production capacity, including the establishment of a fresh snack production line.
The financing will also enable the company to implement energy efficiency measures across its retail network (in new and existing outlets), leading to reduced energy consumption and lower emissions: it is expected to reduce CO2 emissions by 5,474.74 tCO2/year and deliver energy savings of 150,844.66 GJ annually.
It will contribute to a 25 per cent reduction in plastic bag use and the introduction of fully recyclable bags, thereby increasing the circularity of plastic packaging in the retail sector.
Spinneys has demonstrated a strong commitment to environmental responsibility and sustainable retail practices in Lebanon, introducing initiatives to reduce single-use plastics, promote recyclable packaging, improve waste management practices, and enhance energy efficiency. Through its investments in modern technologies and sustainable operations, Spinneys continues to advance environmentally responsible retail practices in the Lebanese market.
The financing will be complemented by a comprehensive technical cooperation (TC) package provided by the EBRD, supporting the introduction of new training programmes to strengthen market-relevant retail and digital skills, enhance employability, and build staff resilience amid Lebanon’s challenging socio-economic conditions.
Through EBRD TC support, Spinneys will design and roll out training programmes on priority skills and competencies, including Retail Space Management, Brand Management, Digital Marketing and Automation of Retail Processes, with a strong focus on digital and AI-enabled operations. The training will also cover environmental sustainability, with emphasis on reduction of single-use plastic use and waste.
Broadgate Advisers acted as exclusive financial adviser to Spinneys Levant Limited in connection with this transaction.
Established under the NDICI–Global Europe framework in 2021, EFSD+ provides to EU partner countries substantial support for strategic investments through grants and/or financial guarantees. In doing so, the EU mobilises additional financial resources for sustainable development from the public and private sectors. EFSD+ has a total global guarantee capacity of EUR 40 billion for 2021 to 2027 period, of which EUR 22.5 billion is being used in the EU’s enlargement and neighbourhood regions.
Since the start of its operations in Lebanon, the EBRD has invested more than €864 million, focusing on enhancing private-sector competitiveness, promoting trade finance, sustainable energy and improving the quality and efficiency of public-services.
Other News
EBRD announces settlement with Turkish company Onur
21.05.2026.17:53
The European Bank for Reconstruction and Development (EBRD) has announced a sanction of 3 years and 3 months on Turkish construction company ONUR Taahhüt Taşımacılık İnşaat Ticaret ve Sanayi A.Ş. (Onur) and its 53 subsidiaries. The settlement was reached in connection with a collusive practice relating to an EBRD-financed project in Ukraine.
The settlement provides for a debarment period of 1 year and 3 months, followed by a 2-year period of conditional non-debarment.
An investigation by the EBRD’s Office of the Chief Compliance Officer (OCCO) found an improper arrangement that aimed to secure the award of the contract to Onur in violation of the EBRD’s Procurement Policies and Rules. Under the EBRD’s Enforcement Policy and Procedures this constitutes a collusive practice in connection with an EBRD-financed project.
The settlement agreement provides for a reduced sanction, taking into account mitigating factors, including Onur’s admission of culpability, its cooperation with OCCO during the settlement process and the steps taken to strengthen its compliance programme. Onur’s sanction was significantly reduced further in light of a lengthy period of suspension previously imposed on Onur by the EBRD.
During the debarment period, Onur and its 53 subsidiaries are ineligible to participate in projects financed by the Bank.
This is part of a settlement agreement under which Onur admitted culpability for the underlying prohibited practice and agreed to meet specified conditions in order to be released from the conditional non-debarment.
Following the debarment, Onur will be eligible to participate in EBRD-financed projects during the conditional non-debarment period, subject to continued compliance with the terms of the settlement agreement and to ongoing cooperation with the EBRD.
Under the terms of the settlement, Onur has agreed to further enhance its compliance programme and to report on its progress through an independent consultant for a period of 2 years as a condition of release from the sanction. Onur will also conduct compliance audits to mitigate integrity risks across its activities and perform an internal investigation related to the EBRD-financed project.
In case of non-compliance with the conditions of the settlement, the conditional non-debarment will convert into an additional 5-year debarment period, in accordance with the terms of the settlement agreement.
The 1-year-and-3-month debarment qualifies for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions signed on 9 April 2010.
About OCCO
OCCO plays a central role in the EBRD’s commitment to integrity through its mandate to investigate prohibited practices in EBRD-financed projects. More information on OCCO’s broader mandate and the EBRD’s sanctions system is available on our website.
