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 operating through its subsidiary Gray Mackenzie Retail Lebanon SAL (GMRL), according to a press release issued on 20 May 2026. The lending operation is backed by a first-loss guarantee provided by the European Union. The project is expected to cut CO2 emissions by 5,474.74 tCO2 annually and save 150,844.66 GJ of energy.
The package comprises a US$20.5 million senior loan from the EBRD and a US$1.5 million co-investment grant supporting Spinneys Levant’s capital expenditure programme in Lebanon. It will finance energy efficiency investments that would otherwise not be commercially viable. The investment benefits from blended concessional finance under the European Fund for Sustainable Development Plus (EFSD+) “Municipal, Infrastructure and Industrial Resilience (MIIR) Guarantee Programme”. The initiative reflects the EBRD and EU’s continued commitment to leading private-sector clients in Lebanon 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 new and existing retail outlets, reducing energy consumption and lowering emissions. It will further contribute to a 25 per cent reduction in plastic bag use and the introduction of fully recyclable bags, increasing the circularity of plastic packaging in the retail sector.
Spinneys has introduced initiatives to reduce single-use plastics, promote recyclable packaging, improve waste management practices, and enhance energy efficiency. The EBRD financing will be complemented by a comprehensive technical cooperation (TC) package supporting new training programmes to strengthen market-relevant retail and digital skills, enhance employability, and build staff resilience amid Lebanon’s challenging socio-economic conditions. Training areas will include Retail Space Management, Brand Management, Digital Marketing and Automation of Retail Processes, with a strong focus on digital and AI-enabled operations. 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 EU partner countries with substantial support for strategic investments through grants and financial guarantees. EFSD+ has a total global guarantee capacity of EUR 40 billion for the 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 private-sector competitiveness, trade finance, sustainable energy, and the quality and efficiency of public services.
