Exemptions for displaced

Citizens benefitting from 'loans to displaced' exempted from fees

A new law exempting loans offered to the displaced from further fees was ratified in November.

The law involves displaced citizens benefiting from bank loans under a protocol signed between the Ministry of the Displaced and the Association of Banks in Lebanon (ABL) in September 2010. It states that these citizens shall be exempted from all fees resulting from the dissolution of insurance and mortgages, and the redemption of the properties. They shall also be exempted from the fees of the fiscal stamps required for the loans’ contracts.

The Ministry of the Displaced and the ABL signed the ‘Loan of the Displaced’ protocol in September 2010. The agreement gives citizens displaced by the Civil War access to a loan for a 25-year period, at a reduced interest rate, not exceeding 1.62 percent.