Lebanon Businessnews News

Parliament passes 38
awaited economic laws
Includes loans and grants
for infrastructure works
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The Parliament has passed 38 draft laws and decrees that were related to grants and loans. The approval of these funds were approaching their deadlines, and starting to affect the country's financial outlook.

Around $600 million worth of loans and grants have been sanctioned. These include two loan agreements with the European Investment Bank (EIB) for funding highway projects and the construction of the Bisri Dam. Other laws include the ratification of loan agreements with the Arab Fund for Economic and Social Development (AFESD) for the completion of wastewater plants and for the restoration of power plants damaged by the Israeli aggression of 2006.

The food safety law “has been ratified,” said MP Wael Abu Faour.

A loan agreement with the International Bank for Reconstruction and Development was approved. The agreement aims to continue the project to reform public finance management. The project to expand the Lebanese University through an agreement with the Islamic Bank for Development was approved. The Parliament also signed off on an agreement with the Kuwaiti Fund for Arab Economic Development to execute the Karak-Riyak road. A framework agreement funded by the European Development Fund and European Union regulating custom fees and taxes were also sanctioned.

MP Nabil De Freige said: “Financial and administrative draft laws were also discussed."

This is the first time that Parliament has convened in over a year.
Reported by Yassmine Alieh
Date Posted: Nov 12, 2015
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