Who is Karim Saeed, Governor of the Central Bank of Lebanon

Karim Saeid’s name was the subject of fierce battles before his appointment as governor of the Central Bank of Lebanon, to the point that he was summoned to Baabda Palace during the ministerial session held today, March 27, 2025. 

After Prime Minister Nawaf Salam’s objection to his name was leaked, and his request to postpone the proposal, President Joseph Aoun refused and worked with Salam to reach a solution that entailed summoning Saied to the session to present his economic vision. 

Saeed’s name is associated with the so-called “Harvard Plan,” which ostensibly required the state to hold depositors’ money responsible and convert it into public debt bonds. What’s the full story? 

The ruler of Lebanese consumption 

Saeed’s name has been frequently mentioned in political and media circles recently, alongside other names such as Jihad Azour, Samir Assaf, Firas Abi Nassif, Philippe Jabr, and Karim Sweid. 

Reports indicated that Saeed was fortunate, despite Salam and his ministers’ objections, to the votes of at least 17 ministers, including those of the president, Hezbollah, and the Lebanese Forces party.  

LBCI revealed that Salam was “prepared to go to any lengths if the issue of the governor of the Central Bank posed a challenge to him.” 

But after Saied was summoned to Baabda, MTV revealed that he had left the session and remained at the palace, before broadcasting the news of his election with 17 votes to Salam’s objection, along with six other ministers: Hanin al-Sayyed, Amer al-Bassat, Rima Karami, Tarek Mitri, Ghassan Salameh, and Fadi Makki.Karim Saeed upon entering Baabda

Who is Karim Saeed?

Born in Qartaba in 1964, Karim Said holds a Bachelor of Laws degree from Saint Joseph University in Beirut and a Master of Laws degree from Harvard Law School, where he specialized in banking law and wrote his dissertation in this field. He has also been a member of the New York State Bar since 1989.

This strong legal and financial background has made him a prominent figure in banking and financial circles. Saeed is the brother of former MP Fares Saeed. He is married with three children.

• He held the position of General Manager of Investment Banking at HSBC.
• He is a founder and managing partner of Growth Gate Equity Partners in the UAE, an alternative asset management firm that invests in private companies in the Middle East and North Africa region.
• Saeed served as a board member of Emirates Lebanon Bank, whose board is chaired by Varouj Nerguizian, financial advisor to President Joseph Aoun.

Harvard Plan

Karim Saïd’s name is associated with the so-called “Harvard Plan” to resolve Lebanon’s economic crisis. Growthgate Capital, of which Saïd is a founder and managing partner, financed the development of this plan, which proposes converting all bank deposits into debt for the state.

This plan sparked widespread controversy, with depositors considering it unfair to their rights, while it received broad support from the Association of Banks in Lebanon.

Many believe this plan benefits the banks at the expense of depositors who have lost access to their funds. Some believe that appointing someone associated with this plan as governor of the central bank could enhance the chances of its implementation, raising significant concerns among a large segment of the Lebanese population.

Officially, there is no serious talk yet about the government adopting this plan.

Regional and international influences on the nomination file

The nomination of Karim Saied for the post of Governor of the Central Bank of Lebanon was not immune to regional and international influences. Reports indicated that influential international powers expressed great interest in the appointment, given the pivotal role the central bank governor plays in managing the economic crisis and implementing the required reforms. 

Some countries, such as the United States, have exerted pressure to select a person of integrity, capable of implementing genuine reforms, and committed to international standards in combating the financing of terrorism and corruption. 

The French role was also present in this file, as Samir Assaf’s name was mentioned as a candidate supported by France.