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.