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New glass bottle plant to create 620 jobs
1-10-2019
The European Investment Bank (EIB) and Fransabank Group yesterday signed a USD 24 million financing agreement to support the construction of a glass bottle manufacturing plant in Lebanon. The project is expected to provide some 620 jobs in rural areas across the country and support economic diversity as well as boost industry. To note, the funding by EIB comes within the framework of the Economic Resilience Initiative- ERI. On the occasion, Fransabank vice chairperson, Adel Kassar pointed out that backing Lebanese undertakings, especially this one, through improving access to long-term facilitated financing, is part of our strategy to contribute to the development of the private sector and increase employment prospects. Similarly, EIB vice president, Dario Scannapieco said the project will promote the production of glass bottles, which is a major part of the domestic agriculture industries, adding, this will alleviate dependence on imports and prop local production. (Al Akhbar, Al Diyar, October 1, 2019)
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