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EU aims to generate €1.5 billion investments in #Lebanon over 3 years

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The European Union has announced a package of up to €150 million to support the revitalization of the Lebanese economy as part of its longstanding commitment to the economic development of Lebanon.

This support could generate up to €1.5 billion loans for Lebanon until 2020, on condition that the country's financial institutions identify and propose projects that are bankable and adopt relevant reforms. This package includes up to €50m in grants funding that could be mobilised in each of the coming three years (2018-2020) to provide technical assistance and ensure a sufficient level of concessionality of loans.

High Representative/Vice-President Federica Mogherini said: "The European Union has always been on the side of Lebanon and the Lebanese people. A strong and resilient Lebanon is in our collective interest, in the interest of the entire region. With this new package, the European Union reconfirms its support to the Lebanese economy, and encourages the government to pursue the path of structural reforms it has started to undertake."

Enlargement Negotiations and Neighbourhood Policy Commissioner Johannes Hahn added: “The EU contribution is a signal of our support for the government of Lebanon, whose tasks include now taking forward a road map of structural reforms to boost economic development in the country for the benefit of all. We will support and accompany this effort through the External Investment Plan”.

The full press release is available here.

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