Saudi Arabia and UAE to invest in up to 23 infrastructure projects in Lebanon

Saudi Arabia and UAE to invest in up to 23 infrastructure projects in Lebanon

August 21, 2019

Lebanese Prime Minister Saad Al Hariri said talks were under way with Saudi Arabia and the United Arab Emirates to invest in up to 23 infrastructure projects in Lebanon.

 

Hariri told reporters during a visit in Washington, according to a report by Reuters: “We will present to (Saudi and the UAE) the projects we have in Cedre because they want to contribute and invest. The relationship between us has returned to what it was before and may be better.”

 

Lebanese government is aiming to raise $11 billion in loans and grants to boost its reserves.

 

Hariri’s government, which has one of the world’s highest levels of public debt worth around 150% of GDP, is seeking to bring down its fiscal deficit. Parliament passed the 2019 state budget in July.

 

After years of low economic growth, Lebanon wants the funds promised by foreign donors in Paris for a capital investment program to overhaul its infrastructure, with projects tackling transport, water and power sectors.


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