Just in:
TUMI Hosts Global Launch Event in Singapore to Unveil Women’s Asra Collection and Announce Global Ambassador, Mun Ka Young // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // Konica Minolta is named ASEAN 2023 Market Leader in Colour Light and Mid Digital Production Printers // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened // Universal Language for Healthcare: General Authority Embraces Global Coding System // Superland Announced Annual Results for 2023, 2023 Net Profit Increased approximately 39.5% to approximately HK$22.2 million as Compared to the 2022 Adjusted One // German Job Market Resilience Bodes Well for Economic Recovery // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // No running of govt from jail, says Delhi Lt Governor // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // US reiterates concern over Kejriwal arrest, Cong accounts // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // Ingdan Announces 2023 Annual Results // Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // 2024 Lok Sabha Elections Will Be The Costliest One Till Now In The Whole World // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // Arvind Kejriwal Was Used By BJP In 2011 Movement To Take On The Congress // French Leaders Gather for Interfaith Iftar Dinner // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain // Emirates Post Speeds Up Deliveries for GCC with Special Day //
HomeEconomyLebanon needs to spend at least $20 billion to improve its basic infrastructure

Lebanon needs to spend at least $20 billion to improve its basic infrastructure

(Reuters) – Lebanon needs to spend at least $20 billion to improve its basic infrastructure otherwise the high growth the country has been witnessing will “dwindle and vanish,” the economy and trade minister said on Wednesday.

Lebanon is famous for its robust service-oriented sectors, but many investors are discouraged from setting up businesses in a country where power cuts are frequent, road networks beyond the capital are insufficient and communication lines are slow.

The 8 percent average growth Lebanon has seen for the last three years was mostly driven by consumer confidence after Qatar mediated a peace accord between the country’s rival political parties in May 2008, which created a national unity government.

ADVERTISEMENT

Guns fell silent, tourism soared and Lebanese expatriates returned, but the government has been unable to make any major investments to support the service-driven economy because of difficulty in getting major policy decisions passed.

“Today, our main problem against future growth is basically the infrastructure and if we do not sort out the infrastructure, this growth that we’re witnessing today is going to dwindle and will vanish,” Mohammed Safadi told the Reuters Middle East Investment Summit.

“The growth that we have witnessed is more goodwill for the future rather than a real, integral growth in the economy itself,” he said.

Safadi said improvements were needed in the areas of electricity, water, communications and roads.

“You’re not talking about less than $20 billion … to get these areas to basic (levels). We’re not talking about expansion needed for the future, just to cope with demand today.”

A total of $4 billion is earmarked for infrastructure investment in the 2010 and 2011 budgets, neither of which have been ratified by parliament because of political wrangling.

If the budgets are ratified, Lebanon expects to spend $1.2 billion to $1.3 billion on expansions and improvements to electricity and water networks, $300 million to $400 million on roads and the rest on communications, Safadi said.

ADVERTISEMENT

ADVERTISEMENT
Just in:
Superland Announced Annual Results for 2023, 2023 Net Profit Increased approximately 39.5% to approximately HK$22.2 million as Compared to the 2022 Adjusted One // Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // Renewables Surge Sets Record, But Global Equity Lags // Sunshine’s Debut Features Leave Tech World Scratching Its Head // Universal Language for Healthcare: General Authority Embraces Global Coding System // Ingdan Announces 2023 Annual Results // Arvind Kejriwal Was Used By BJP In 2011 Movement To Take On The Congress // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain // Emirates Post Speeds Up Deliveries for GCC with Special Day // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // Emirati Aid Reaches Ukraine as Food Shortages Bite // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // 2024 Lok Sabha Elections Will Be The Costliest One Till Now In The Whole World // US reiterates concern over Kejriwal arrest, Cong accounts // Global Audience to Witness Thrill of Dubai World Cup // Konica Minolta is named ASEAN 2023 Market Leader in Colour Light and Mid Digital Production Printers // German Job Market Resilience Bodes Well for Economic Recovery // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology //