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Lebanon supports exporting factories and attracts foreign investments
2-6-2017
In its concerted efforts to revive national economy, Banque du Liban issued a circular which becomes effective as of Thursday June 8. The circular instructs banks to provide low interest loans for the operational capital of licensed industrial establishments to facilitate the export of their products. Said loans should not exceed LBP 3 million for a 3-year term, provided the interests, expenses and charges incurred do not go above 3%. Commenting on the decision, the president of the Lebanese Industrialists Association, Fadi Gemayel, described it as extremely vital to the industrial sector, and is expected to generate significant incentives for the growth of industrial exports, that have seen a reduced value (by one third) as a result of losses (more than USD one billion) over the past five years. On the other hand, a recent study by Arab Net published by Bank Byblos weekly monitor, has shown that Lebanon came second in terms of the largest investments in technology startups out of 14 MENA countries during 2016 and attracted the second highest value for investments in the region in 2015 and 2016. According to the study, investment funds in the region made some 37 investments in technology companies in Lebanon during the year 2016 at a total value of USD 56 million. Lebanon also attracted close to 17% of the overall investments in emerging technology startups MENA region during 2016. These investments in Lebanon have accounted for nearly 6.1% of the total regional investments during the same year. (Al Diyar, Al Akhbar, Al Mustaqbal, June 2, 2017)
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- العربية
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