Central Bank Governor Karim Said (archive).

During a visit by a delegation of French businessmen and representatives of French companies specializing in reconstruction and urban modernization “Medef,” headed by association president Gerard Wolf, who held meetings with the Prime Minister and the Ministers of Finance and Economy, Central Bank Governor Karim Said hosted the delegation at the Financial Business Institute in the presence of French Ambassador Hervé Magro.

Wolf revealed that “the French delegation, consisting of about 40 leading French companies and institutions, arrived in Lebanon yesterday after a previous visit four years ago,” expressing the delegation members’ readiness and interest in investing in Lebanon with the best technologies, affirming their intention to participate in modernizing the country and strengthening its foundations through assistance in transportation, energy, health, and all vital sectors.

For his part, Said explained to the delegation the pillars adopted by the Central Bank in its work, based on improving the bank’s budget and cleansing it of impurities, identifying financial losses, and expecting the financial gap law to be completed by the end of this year. The third pillar involves distributing losses and having each party bear its responsibilities. The final pillar relates to the legal aspect and the required legal and executive measures.

In response to a question about the resumption of lending, Said expected it to restart from next year, restoring economic activity to its normal cycle.

In his speech, Said said: “The country has gone through a severe financial and banking crisis that affected various economic sectors and exacerbated the fragility of the banking system. However, the current management of the Central Bank of Lebanon adopts a different approach based on transparency, discipline, and abandoning previous policies that contributed to worsening the crisis.”

He said the bank is no longer in a position of unconditional support for government policies but seeks to build a coherent monetary structure focused on stability, drawing its strength from legislation and international standards, away from the logic of quick profits and financial adventures.

Said explained the framework he set for restructuring the banking sector, based on four main pillars aimed at addressing accumulated distortions in the Central Bank’s budget, protecting depositors’ rights, and redistributing losses in a balanced manner between the state, commercial banks, and the Central Bank itself, which pledged to bear the largest part of the burden.

He confirmed that these measures are not just theoretical proposals but practical steps implemented under local supervision and supported by international partners such as the International Monetary Fund, the World Bank, and the French government, reflecting a real commitment to restoring confidence.

He stressed that economic recovery begins with rebuilding trust. The financial system cannot rise without a banking sector enjoying good governance and sufficient funding, capable of providing credit to institutions and citizens and restoring a sound relationship between banks and depositors.

He confirmed that returning depositors’ funds is a priority, whether through liquidity or financial instruments based on the Central Bank’s assets.

Said called on French investors to strengthen their presence in Lebanon and participate in the economic recovery workshop. He affirmed that Lebanon, despite what it has gone through, still retains its position as a center of creativity and leadership in the region and is in the process of regaining its status as an attractive destination for investments and quality partnerships, stressing that financial reform in Lebanon will not be temporary or cosmetic but based on solid foundations of governance and transparency, inspired by successful global experiences, foremost among them the French model in public finance management.