$21 million in subsidies
to support exports
To cover the cost of shipping by air and sea
The Council of Ministers has allocated $21 million to subsidize exports of agricultural and industrial goods.
The decision came in the wake of the closing of the Nassib crossing on the Syrian-Jordanian border, a vital overland route for local goods to the pan-Arab region.
The funds will be used to cover the difference in the cost of shipping by sea or air. It will be paid over a period of seven months through the Investment Development Authority (IDAL), with the cooperation of the Ministry of Agriculture.
Fadi Gemayel, Chairman of the Association of Lebanese Industrialists (ALI) said: “This is a positive surprise for the sector.”
This decision contributes to the preservation of regular export markets that both farmers and industrialists have worked on improving for many years, according to Gemayel.
Industrialists and farmers are currently shipping their merchandise and products by air or sea at double the cost of land shipments.
Reported by Yassmine Alieh
Date Posted: Jul 03, 2015