Lebanon Businessnews News

Export subsidy program
extended till March 2017
70 percent of subsidies still not used
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The Council of Ministers has extended the export bridge subsidy program until the end of March 2017, according to the Investment Development Authority (IDAL). The program covers the cost of transportation through roll-on-roll-off (RO-RO) ferries. The temporary maritime export bridge that the Government subsidized to support local exports was implemented six months ago, when the land border between Syria and Jordan was closed. It expired last month.

IDAL, the public entity responsible for the disbursement process, has asked for the extension of the deadline as the funds earmarked for the subsidies have not all been spent.

The extension comes just in time for the start of the agricultural season in June.

Out of the $14 million initially earmarked by the Government, $10 million are still available. Abbas Ramadan, Senior Investment Officer at IDAL, said: “When the subsidies were allocated in October, it was the low season for farmers.” The high season for export is June to September.

Total exports through the bridge reached 25,500 tons. IDAL covers $2,500-$3,000 per truckload, while the exporter pays around $2,500. Local ferries are handling the transport of shipments.
Reported by Yassmine Alieh
Date Posted: May 10, 2016
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