Lebanon Businessnews News

Industrial zones
one step closer
Ministry appoints Indian firm for studies
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The Ministry of Industry (MoI) has launched preliminary studies for the construction of four industrial zones in Baalbek, Terbol, Qousaya, and Jleiliyeh. The project is part of the Country Program Framework signed between the MoI and the United National Industrial Development Organization (UNIDO).

Industry Minister Hussein Hajj Hassan said: “UNIDO conducted an international tender in which 16 local, European, and international companies participated.” As a result of the tender, Indian conglomerate Mahindra Group won the project to create a master plan for the infrastructure and the investments needed in each zone.

The Indian firm was given six months to finish the studies and is to hand them in by October. The studies of all four zones will be conducted together, according to Cristiano Passini, UNIDO Regional Representative. It is still too premature to discuss when the development of the zones will begin. “We have to wait for the studies to be over and then, it is up to the ministry to decide,” he said.

The Italian Government has made €500,000 ($550,000) available to cover the cost of the studies.

The cost of equipping industrial land is $20-$25 per m2. Approximately $50 million will be needed for this project. The Ministry said that part of the funds required for equipping the land are now available and that it is still working on securing the rest.

Industrialists will be able to have long term leases in these zones. According to the MoI, this project will give industrialists access to low cost industrial land.
Reported by Yassmine Alieh
Date Posted: Apr 13, 2016
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