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Lebanon eager to award first offshore contracts

Lebanon, a country that unlike many of its neighbors has faced high energy prices for a generation, wants to become a natural gas exporter by the end of this decade. To realize its ambition, the government will need to take on the new role of managing foreign oil and gas…

Three wind farms in Lebanon’s Akkar region get licensed

The Council of Ministers approved three permits for private companies to operate wind turbines for electricity. The permits will be operated by Hawa Akkar, Sustainable Akkar, and Lebanon Wind Power. They will be used for the production of 200 megawatts (MW) of wind power, according to Pierre Khoury, Chairman of…

Tripoli economic zone ready for infrastructure works

The reclamation of Tripoli Special Economic Zone (TSEZ) is complete, Chairperson Raya Haffar El Hassan said. Works on infrastructure are now set to begin. El Hassan said: “The Council of Ministers has provided us with $15 million for infrastructure already.” An additional $30 million is needed to finish the works.…

Number of tourists in Lebanon rises to a 5-year high

According to the Ministry of Tourism, the number of tourist arrivals rose by a yearly 12.81% to 649,841 by May. This rise was due to the increase in the number of tourist arrivals from the Arab countries, Europe, and America, which altogether took up 82% of the total number of…

$150 million from the World Bank to support Lebanon’s health care system

The World Bank is injecting $120 million into Lebanon’s health care system as part of a larger package to provide thousands of poor families with a critical service that has been suffering from structural issues, compounded by the influx of large numbers of Syrian refugees. The Islamic Development Bank (IsDB)…

Dutch launch program to bolster Lebanese water and agriculture sectors

Netherlands, Ambassador Han Maurits Schaapveld, and Suzy Hoayek, representing the Ministry of Energy and Water, launched the Dutch program “Strengthening the Lebanese Water and Agriculture Sector”. The program is part of a 86-million-Euro aid package, made available by the Netherlands government last year in order to help Lebanon cope with…

Lebanon signs $200 million deal with World Bank for road network upgrade

The Ministry of Finance and the Council for Development and Reconstruction (CDR) signed a $200m deal with the World Bank to finance the Roads and Employment Project in Lebanon, which aims to upgrade the country’s road network and create employment opportunities. The funds consist of a soft loan of $154.6m…

FDI inflows to Lebanon increase by 9%

Foreign direct investment (FDI) inflows are estimated at $2.56 billion in 2016, up nine percent compared with the previous year, according to the ‘World Investment Report 2017’ released by the United Nations Conference on Trade and Development (UNCTAD). FDI outflows are also estimated to have grown compared with 2015, jumping…

UK-Lebanon Tech Hub Fund provided by the BDL

Nicolas Sehnaoui, Chairman of the UKLTH, announced a fund of $3.2 million as an investment for the UK-Lebanon Tech Hub (UKLTH). The fund is being provided by the Central Bank (BDL). The amount matches the £2.5 million ($3.2 million) investment provided by the British Embassy in February this year. According…

Changed the Date! Planet Lebanon 2017 Lebanese Diaspora Connections

NEW DATE! Join us for a successful Planet Lebanon 2017 Lebanese Diaspora Connections: National Economic Development. With new visions, old hopes and genuine desire for a brand new Lebanon through providing a place for Lebanese Diaspora, to promote Lebanese knowledge, LIBC is proud to organize Planet Lebanon-7th Edition, Under the…