3-year travel ban to Lebanese Republic ended
Lebanon Prime Minister Saad Hariri led a delegation to Abu Dhabi where he stated he was hopeful the UAE would invest funds into his country’s central bank. He added that Lebanon is hoping for investments in food, oil, gas, infrastructure, and renewable energy.
Lebanon currently has one of the world’s highest debt burdens coupled with slow growth and a decaying infrastructure. Because of today’s announcement, dollar bonds issued by Lebanon rose.
In return, Beirut has promised to implement reforms that have been long delayed. All of what lead up to this has caused a loss of confidence by international investors, so the support of the UAE will be a strong shot in the arm for positive economic reform.
Central bank Governor Riad Salameh said that Lebanon has “numerous possibilities” as it looks for assistance, but presently it is counting on support from UAE.