Lebanon ranks 18th in terms of expatriates’ remittances

The Chairman of Investment Development Authority of Lebanon (IDAL), Nabil Itani, pointed out that Lebanon has one of the highest level of expatriates’ remittances relative to the gross national product, as it ranked first in the region, pointing out that these remittance reached some 16% of the GNP. Itani also pointed out that in 2013, Lebanon ranked eighteenth globally in terms of remittances, and twelfth among the developing countries. Itani presented these figures during a speech he gave at the meeting of the International Organization for Migration (IMO) which was held last week in Rome, and in which he stressed the crucial role that Lebanese expatriates play in the Lebanese economy. He also indicated that expatriates have invested heavily in various sectors, including: real estate, services, tourism, banking, IT & communications. Itani also, noted that the public and private sectors are both aware and supportive of the expatriates’ role having established various institutional bodies to facilitate and develop business relations and to attract investments, such as the Central Bank’s fund of USD 400 million in support of entrepreneurship and incubators, as well as “Kafalat’s new fund in support of innovative projects.

Source: Al-Safir 4 October 2014