One billion dollar stimulus package

Central Bank focuses on housing, environment, small projects

The Central Bank (BDL) is planning a $1 billion economic stimulus package for 2015 to maintain growth and support the economy, according to its governor Riad Salameh.

The BDL will recommend to the Central Council, its policy-making body, to issue the stimulus package with a one percent interest rate.

“We hope that growth of no less than two percent will occur, by next year, as a result of this incentive,” said Salameh.

The BDL introduced a $1.4 billion stimulus package in 2013 and $800 million this year. These stimulus packages have comprised low borrowing rates for housing and new projects, including renewable energy, and extended loan terms for small and medium-sized businesses.

Besides providing housing loans, the new aid will also be allocated to renewable energy and other environmental projects, as well as small projects, Salameh said.