$563 million from UN to Lebanon in 2019. 22 percent increase

Lebanon will receive $563 million in aid from the UN next year, according to the updated UN Global Appeal 2019 report, which was released this month.

The UN's 2019 aid for Lebanon is 22 percent larger than the preceding year's support, which totaled $463 million, and was dedicated to the agency's cash assistance initiatives for refugees and vulnerable locals, such as the food e-vouchers program.

The funds will cover "the implementation of a lump-sum approach to multipurpose cash pr...

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$330 million approved infrastructure loans. Loans finance roads and waste water treatment projects

Parliament has approved three loans, with a total value of $330 million, to finance and execute infrastructure projects, as requested by the Cabinet. Loans will have varying but low interest rates, said Nazih Najem, Chair of Public Work, Transportation, Water, and Energy Parliamentary committee.

The International Bank for Reconstruction and Development will provide the Cabinet a $200 million loan, at a 1.5 percent interest rate. The loan will finance the construction and rehabilitation o...

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Balance of payments deficit at $208 million in first half. Deficit narrows 81 percent

The deficit in the balance of payments (BoP) narrowed by 81 percent to $208 million in the first half of 2018 compared with the same period a year earlier, according to data issued recently by the Central Bank (BDL).

The $208 million deficit resulted from an increase of $2.2 billion in BDL's net foreign assets and a decrease of $2.41 billion in the net foreign assets of banks and financial institutions during the first half of the current year.

Starting in November 2017, BDL began...

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Land Registry gets World Bank loan. For ICT upgrade and data integration

The World Bank Board of Executive Directors has approved the Administration System Modernization Project, which is intended to modernize the Land Registry and Cadastre system.

The $43 million initiative is financed by a loan through the International Bank for Reconstruction and Development (IBRD). The loan matures in 13 years with a grace period of six years.

The project has five components: Modernization of the Digital Land Registry and Cadastre System, National Spatial Data Infra...

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Foreign investment flat at $2.63 billion. Growth rates slow to a halt

Foreign direct investment inflows (FDIs) are estimated to have increased 0.7 percent to $2.63 billion in 2017 compared with the previous year, according to the 'World Investment Report' by the United Nations Conference on Trade and Development (UNCTAD).

The annual FDI growth was 11 percent in 2016, according to the present report.

The sharp slowdown in FDI inflows comes amid a global and regional downtrend. Lebanon was one of only six countries in the West Asia region that witness...

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GDP rises 1.7 pct in 2016 Financial services up 18 pct. Central Administration of Statistics releases National Accounts

GDP reached $51.5 billion in 2016, propelled by a real growth rate of 1.7 percent, according to the 'National Accounts' report recently released by the Central Administration of Statistics (CAS).

The World Bank, the Central Bank, and Bank Audi had estimated GDP growth of two percent. The International Monetary Fund (IMF) had projected a real growth rate of one percent.

The GDP growth in 2016 was an improvement from 2015, when real growth was just 0.2 percent.

GDP was growi...

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IDAL increases financial incentives to exporters. Export subsidy program renewed

The Investment Development Authority in Lebanon (IDAL) has increased the financial incentives of its Agri-Plus program. The program supports agricultural and industrial exporters.

IDAL increased the subsidies by 15 percent. It also increased the financial incentives to products exported to Jordan by 43 percent.

IDAL's financial incentives are based on the type of product, destination, and quality of packaging. IDAL divides export destinations into four zones. Zone A includes near...

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Employment program for infrastructure launched. ILO and UNDP target refugees and host communities

The International Labor Organization (ILO) has partnered with United Nations Development Program (UNDP) to launch the first phase of the Employment Intensive Infrastructure Program (EIIP). The program falls under the government–led crisis plan for 2017-2020.

The aim is to offer job opportunities for both locals and Syrian refugees.

Tomas Stenstrom, Chief Technical Advisor and team leader of the project from ILO, said that Phase I is funded by The German Development Bank (KFW) and ...

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Residency for foreign property buyers suspended. Constitutional Council to hear appeal by parliamentarians

The Constitutional Council suspended Article 49 of the State 2018 budget, pending a final ruling on an appeal submitted by ten members of Parliament.

Article 49 grants residency to foreigners who purchase apartments valued at $500,000 in Beirut, and $332,000 outside Beirut.

On Tuesday a group of ten members of the Parliament lodged an appeal before the Constitutional Council to challenge the article.

These lawmakers are Sami Gemayel, Nadim Gemayel, Samer Saadeh, Fadi El-H...

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Cabinet amends public sector working hours. Decree required to put the change into effect

The Cabinet recently approved an amendment to the working hours of public sector employees. The new working hours will be from 7:30 AM to 3:15 PM from Monday to Thursday, and from 8:00 AM to 11:00 AM on Friday.

The decision has a limited effect on total working hours, which decreased by only one hour to 34, from the 35 hours previously approved in 2017.

The decision will be effective once released as a decree in the Official Gazette.

A source at the Ministry of Labor said t...

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$295 million for rapid transport. First project to benefit from PPP law

The World Bank has approved a $295 million package to overhaul the transport sector.

The Greater Beirut Public Transport Project (GBPTP) is expected to ease congestions on roads and unlock private finance in the infrastructure sector.

The project will be financed by a $225 million loan. The Global Concessional Financing Facility (GCFF) will contribute another $70 million on a grant basis. The GCFF provides low- or no-interest financing packages to middle-income countries, whose ec...

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Public transport reform plan proposed. Comprehensive approach to be presented to Council of Ministers

The Ministry of Public Works and Transport has launched a plan to reform the public transport system.

The plan was prepared by the Confederation of Public Drivers and Transport Unions in collaboration with donor organizations.

Bassam Tleis, Chairman of the Confederation, said: "The Minister of Public Works Youssef Fenianos promised us that the plan will be on the agenda of the upcoming Cabinet meeting."

The plan is made of three levels: The first requires the approval of min...

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EU program offers below-market rates. Public and private sectors can tap €4 billion in concessional financing

The European Union launched an External Investment Plan (EIP), a scheme which provides concessional financing for projects in 70 countries, including Lebanon.

The EU did not specify a ceiling for each country. The total funds available to finance projects amount to €4 billion.

"Projects can be developed by the Government or private sector or financial institutions. They will enjoy financing with rates that are cheaper than the market rate," said Michael Kӧhler, Director of the Neig...

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Transshipment up following two-year dip. Port of Beirut sees stable revenues

Transshipment of goods went up 40 percent in 2017 compared to the year before, according to statistics published by the Port Authority of Beirut (PoB).

The past two years have seen mergers in shipping lines because of the sluggish world economy. Giant transshipment companies like CMA CGM and MSC had, as a result, moved fewer transshipped goods during the last year. This is reflected in PoB's activity.

According to the Beirut Container Terminal Consortium (BCTC), MSC has restarted w...

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