Projects worth $1.7 billion used IDAL incentives. Helped to provide 7,000 direct jobs in 15 years - Lebanon

Projects worth $1.7 billion
used IDAL incentives
Helped to provide 7,000 direct jobs in 15 years
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The Investment Development Authority of Lebanon (IDAL) provided incentives and facilities to local projects valued at more than $1.7 billion in the past 15 years.

Fifty projects in the agro-industry, manufacturing, tourism, agriculture, information technology, communication, and media sectors benefited from IDAL’s financial support. These sectors were identified by Investment Law No.360 as promising investments that have a beneficial socio-economic impact. IDAL said that only projects that had a positive effect on the economy and provided job opportunities could take advantage of this law, which was enacted in 2001 to encourage and to regulate investment projects.

IDAL said that its work since 2001 has helped to provide more than 7,000 direct job opportunities and 10,000 indirect job opportunities.

Foreign direct investment inflows to Lebanon grew by 6.6 percent in 2014 to $3.1 billion, according to the World Investment Report 2015 by the United Nations Conference on Trade and Development (UNCTAD).
Reported by Shikrallah Nakhoul
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Date Posted: Apr 20, 2016