Customs fees reduction on 600 goods exported to Algeria. The two countries plan to boost investments in contracting and hospitality

The Algerian Government will reduce customs fees on 600 Lebanese exported products, as a result of a visit by an economic delegation headed by the Chamber of Commerce, Industry and Agriculture to Algeria.

The customs fee reduction should have been carried out once the Arab Free Trade Agreement was signed. But the Algerian Government did not implement the agreement, in order to protect its local industry, according to Mounir Bissat, Chairman of the Council for Industrial Exports' Developm...

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No immediate threat to the local currency. Riad Salameh: “We were not contacted by any GCC country regarding their deposits”

The Central Bank (BDL) and commercial banks have the necessary means to keep the lira stable, said Governor Riad Salameh. The size of Saudi deposits at the BDL was greatly exaggerated in some press reports, he told Reuters. He said that neither Saudi Arabia nor other Gulf states contacted the Central Bank regarding the deposits. Salameh said that he never heard of any Saudi measures against local economic interests.

Saudi Arabia has not stopped financial transfers to Lebanon, said Mohamed...

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Hospital in Haret Hreik to be ready in 2018. A $75 million investment for 250 beds

Investors Adel Diab and Adnan Ayad, owners of Al'amir for Constructing and Building, will begin developing a hospital in Haret Hreik in early 2017, which will be ready for occupancy in 2019.

Investment in the project is estimated at $75 million. "We are still negotiating with banks to obtain the required investments," said Ayad.

The owners obtained a license from the Ministry of Public Health to build the hospital. It will be built on a 5,000 square meter plot. When completed, the...

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KSA money transfers going through banks as usual. Mohamed Choucair denies rumor of banking stoppage

Saudi Arabia has not stopped financial transfers to Lebanon, said Mohamed Choucair, Chairman of the Federation of Chambers of Commerce, Industry and Agriculture, dispelling rumors published in the social media.

Choucair said he has been told by senior executives in the banking sector that transfers are going through as usual.

Exports to Saudi Arabia totaled $357 million in 2015, which represented 12 percent of overall exports.

Half of the $7.5 billion in remittances sent in...

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Free waste treatment proposed by Murr for Metn. Almost free. Plant on land plot next to Burj Hammoud dumpster

The development of a solid waste treatment facility to serve the Metn district will begin within the coming few months, Parliament Member and former Minister of Interior Michel Murr said.

The project will be established on six plots of maritime public property in Burj Hammoud. Antranik Marsilian, Mayor of Burj Hammoud, said: "The plots are right next the current dumpster." The developer is a Lebanese businessman living in Australia. His identity has not been revealed.

Murr said: "...

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EFG Hermes is selling its shares in Credit Libanais. On the table is $470-$500 million for almost two thirds of the bank’s shares

After months of rumors and press reports concerning a potential sale of the share of EFG-Hermes in Credit Libanais – at the time either denied or characterized as premature – prospective buyers have finally confirmed that a serious bidding process is underway.

Cedrus Invest Bank, BIT Bank, and a consortium of investors led by the bank's chairman Joseph Torbey are seeking to acquire the 63.7 percent stake of the Egypt-based EFG-Hermes Holding in Credit Libanais, said Raed Khoury, Chairman ...

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Elderly home and nursing school in Zahrani.

The Association of Arab Orphans will open an elderly home in Zeghdraya, Zahrani, in April.

Dr. Imad Osseiran, Chairman of the Association and major shareholder of the Osseiran Hospital in Saida, said that all the rooms will comprise first aid equipment for the elderly. The hospital will provide initial medical healthcare services and patients will be referred to the Osseiran Hospital if there is a medical need.

The project has a total space of 10,000 square meters. It will compri...

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Additional 120 public hospital beds for Tripoli.

The Ministry of Public Health (MoPH) opened the Minyeh Public Hospital in North Lebanon, on February 23. The hospital was established through a $6.5 million grant from Kuwait, including 40 beds.

The ministry also inaugurated a new department in the Tripoli public hospital comprising 40 beds for patients suffering from pulmonary diseases, as well an intensive care room for children. The MoPH said that it will increase the financial ceiling offered to the hospital to reach $6 million per ...

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Patchi mulling equity sale deal to strategic partner. Valuation of company, still underway, is estimated at $500 million

Patchi, a family-owned manufacturer of chocolate and retailer of chocolate gifts, is preparing for a potential sale of part of its equity with Goldman Sachs and its owners with Dubai boutique advisory firm deNovo Corporate Advisors.

The value of the company, as estimated by Reuters, is at more than $500 million. The company is looking to sell one third to half of its equity, according to Reuters.

Oussama Choucair, Member of the Board at Patchi, said: "We do not aim to sell shares...

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Patchi factories in Egypt and UAE. Choucair: Selling shares in Patchi is postponed until regional economy becomes stable

Patchi, a manufacturer of chocolate and retailer of gift chocolate and items, will build two factories in Egypt and United Arab Emirates. Construction works for both facilities will start later this year and will be finalized in late 2017.

The UAE factory will be located at Dubai Industry City. It will have a total built-up area of 20,000 square meters, requiring around $20 million investment. The new factory, in addition to a small existing one, will supply the Emirati market which compr...

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Coincident indicator up 3.3 percent.

The coincident indicator, an economic growth index published by the Central Bank (BDL), grew by 3.3 percent in December 2015 from a year earlier.

The coincident indicator is comprised of sub-indicators, such as cleared checks, cement deliveries, electricity production, fuel imports, passenger traffic, the money supply M3, and external trade.

Fuel imports jumped by 12 percent, in terms of quantity, to 7.66 million tons last year compared with 2014. The value of oil imports decreased...

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Four water projects to be financed by USAID.

The United States Agency for International Development (USAID) signed Memorandums of Understanding (MoU) with the four water establishments to provide financial and material support to improve their infrastructure.

The first MoU, worth $2.3 million, was signed with the Establishment of the Water of Beirut and Mount Lebanon to install water meters in Kesrouan. Meters will be installed in Ajaltoun, Rayfoun, and Qlayaat villages.

USAID will provide a grant of $10 million to the North...

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Garbage export officially flops. Chinook did not deliver documents on time

The Council for Development and Reconstruction (CDR) said that the British firm Chinook Urban Mining, which was in charge of finding an export destination for Lebanon's waste, withdrew its offer to manage the export process.

"Chinook's deadline to present documents that prove Russia's formal acceptance to receive Lebanon's trash ended on Friday February 19, at ten o'clock," a statement by the CDR said.

The company apologized for not being able to hand in an authenticated consent by...

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Banks hold 54 percent of public debt. Treasury can meet Eurobond maturities

The State's current resources are enough to meet future maturities of Eurobonds, said Joseph Torbey, Chairman of the Association of Banks in Lebanon (ABL). The scheduling of these maturities is convenient and comfortable for the country, he said.

Local banks hold 70 percent of the Government's Eurobond portfolio and 54 percent of the public debt in local and foreign currencies, according to Torbey. There were two Eurobond issues last year, for a combined value of $3.8 billion and with mat...

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Jal el Dib bridge funding approved.

The Council of Ministers approved yesterday the financing of a project to develop two U-shaped bridges in Jal el Dib. The project will cost $48 million, fully funded by the State.

The first bridge will serve traffic coming out of Jal el Dib and accessing Beirut. It will be constructed near the Bo Concept store in Antelias.

The second one will serve Jounieh commuters going to Jal el Dib and Antelias. It will be located near the Mazda showroom on the coastal road.

During morn...

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Ashta and ice cream factory to open in Naameh.

Fraickco, a newly established company, will open a factory for 'ashta' cream and ice cream products in Naameh, in late 2017.

Mohamad Farida, CEO, said: "The company will produce ashta to be sold either in bulk, or in plastic and stainless cans, as well as vacuumed nylon bags." The products will have the brand name 'Fraick.co'.

Investment in the project is $5 million, including the cost of the land. The total built-up area of the factory is 4,000 square meters. The factory will crea...

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Saudi’s biggest bank shuts branches.

The National Commercial Bank (NCB), Saudi Arabia's largest bank, with assets totaling $119.8 billion, has decided to close its two Lebanese branches.

NCB Lebanon, known as the Saudi National Commercial Bank (SNCB), provided its services mainly to Saudis, Lebanese expatriates working in Saudi Arabia and Lebanese who have business deals with the Kingdom.

SNCB does not currently have loans in the local market, according to a source at the bank, which said that the portfolio has not be...

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Large local participation in Gulf Food.

Around 45 industrial food factories will participate in the Gulf Food exhibition, which will be held next week in Dubai, between the 21st and the 25th.

Participants will be from various subsectors, including canned foods, olive oil, spices, beverages, halawa and tahini factories, as well as roasteries.

Georges Nasraoui, Vice Chairman of the Association of Lebanese Industrialists (ALI), said: "Gulf Food is one of the most important exhibitions in terms of size and the number of vis...

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USJ expands Faculty of Medicine.

Excavation works for a new building to be added to the Facility of Medicine at Saint Joseph University (USJ) have been launched. Construction works will be finalized in late 2018.

Les Aciéries Libanaises - Raymond Najjar & Co. granted $12 million to construct and equip the building. It will have a total built-up area of 16,000 square meters.

The building will be adjacent to the historical Faculty of Medicine and will be harmonized with the traditional style of the old buil...

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Road projects in South and Jbeil. Financed by the Islamic Development Bank

The Council of Ministers has approved two road projects financed by loans from the Islamic Development Bank (IDB), for a combined value of $50 million.

The first project is for the completion of the South coastal highway. Overseen by the Council for Development and Reconstruction (CDR), the final phase of the coastal road will link Burj Rahhal to Abasiyeh. The construction of the three-kilometer road will cost over $30 million, to be provided by the IDB and Treasury advance.

The co...

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Ski center in Dinniyeh to reach highest altitude. Three-phased project in partnership with the Municipality of Bqaasifrin to start with luxury hotel

A touristic project is underway in the North, from Sir-Dinniyeh to Bqaasifrin, extending over 70,000 square meters (m2) at a total cost of $36 million, to include a five-star hotel, a chairlift line, and a ski center. Implementation will be divided into three phases. Works have begun and the first stage is slated to finish in the summer.

The project is implemented in partnership between the touristic company, Téléférique Sir and the Municipality of Bqaasifrin. It beg...

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Prefab and hangar factory in Zahle. Production capacity reaches 2,000 prefab houses and hangars per year

Malek Sons Metal, a manufacturer of prefabricated houses and hangars, will open a factory in Hoch El Omara, Zahle in the summer.

The $10 million project will have a total built-up area of 35,000 square meters. The factory, fully automated with machines imported from China, will create 250 jobs.

The facility's production capacity will be 2,000 units of prefabricated houses and hangars per year. Chady Malek, General Manager, said that the factory will have the ability to manufactur...

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Large touristic project in Jbeil. A téléférique from Byblos to Annaya

Jbeil is planning a two-phase touristic project, at an estimated cost of eight to ten million dollars. The first phase will establish an environmental corridor to the Natural Reserve of Bentael (six kilometers in length, for pedestrians and bicycles) and the second will build a cable car (téléférique) from the Byblos coastal city to the Mar Charbel Monastery in Annaya (1,000 meters in altitude).

The project will receive mostly European funding. Representatives from t...

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Empire Cinemas heads to Nabatieh. Choueifat, Tyre and Byblos are next

Empire Cinemas is opening a new branch at The Spot Mall in Nabatieh. The project, which will open next Wednesday, consists of three screens with 322 seats. It is built on a 1,400 square meter area at a cost of $1.5 million. The implementation of the project was in partnership between Empire and Bassam El-Assaad, owner of The Spot.

Empire Cinemas' next opening will be in August, partnering with The Cascada, in Bekaa. "More co-projects are expected to be implemented later with El-Assaad an...

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Record public debt at $70 billion. Debt-to-GDP ratio stabilizes and lower oil prices bolster budget

The gross public debt increased by 5.6 percent to $70.3 billion at the end of 2015 compared with a year earlier, according to Ministry of Finance (MoF) data.

The domestic part of the debt escalated by 5.6 percent to $43.3 billion while foreign debt widened by 5.7 percent to $27 billion.

The debt-to-GDP ratio is stabilizing and ended last year at 130 percent, which was close to its value in 2014. This ratio amounted to 185 percent ten years ago. The public debt-to-GDP ratio was 134...

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Balance of payments deficit doubles. Slowdown in cash inflow overtakes that of outflow

The deficit of the balance of payments doubled last year to $3.35 billion at the end of 2015 according to the Central Bank (BDL).

Roger Melki, Advisor to the Executive Board of Bemo Bank, attributed the widening of the deficit to the incremental effect of many factors, all leading to a waning in investor appetite.

The banking sector's capacity to attract capital has deteriorated due to higher systemic risk and domestic business opportunities have become fewer owing to the war of at...

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MoU between food industrial firms and MEFOSA to enhance quality.

The Ministry of Industry and the Syndicate of Food Industries has signed with the MENA Food Safety Associations (MEFOSA), a food consulting company, a memorandum of understanding that aims at enhancing the quality of food safety.

MEFOSA assists companies through establishing procedures and practices that ensure quality, healthy, and safe products. It provides consulting, auditing and training services in HACCP, GMPs, hygiene and more.

The MoU will boost cooperation between both p...

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Valentine’s Day quintuples flower sales. Local production reaches $15 million per year

Valentine's Day is a boost to the market, as it comes in the middle of the slow winter season. Flower shops rely on this week as this product tops the list of Valentine's Day gifts.

Flower wholesalers have prepared themselves for this occasion, importing up to 800,000 red roses to meet demand. Traders generally import around 150,000 flowers per week. Red roses are imported from the Netherlands, India, Kenya, and Ecuador.

Imad Haddad, General Manager of Bonsai, a local producer, i...

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Standard e-payment mobile app takes off. Spearheaded by CSC Bank, in partnership with 14 banks, CashUnited, and LibanPost

CSCBank SAL (CSC), which provides card and electronic payment services to the banking sector, has launched a Smartphone application, named CMO, for financial transactions.

"This is the first time that a common mobile app is launched in partnership with 14 local banks and we anticipate that more banks will join later," said Marwan Kaddoura Chairman of CSC.

CSC is in talks to market the CMO app in Jordan and Afghanistan and has plans to enter the Syrian and Yemeni markets, when the s...

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Mall in Oman for Lebanese brands. To include hotel and cinema complex

A mall, hotel, and cinema complex will be developed in the Sultanate of Oman for Lebanese brands, said Chairman of the Oman Chamber of Commerce Said bin Saleh al Kayyoumi.

An agreement between the two chambers was signed Wednesday for this purpose. "The value of the project has not yet been determined, but it could be funded by Omani businessmen alone or with the participation of local investors," said Mohamed Choucair, Chairman of the Chamber of Commerce, Industry, and Agriculture in Bei...

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$50 million for garbage export. To spend over six months

The Council of Ministers approved today a Treasury advance of $50 million to start the garbage export process.

"In the first stage, garbage near households and water sources will be removed," said Nabil de Freij, State Minister for Administrative Reform. Trash removal is expected to start at the end of this month.

The company in charge of handling the export process, British Chinook Urban Mining, will remove at least 1,700 tons per day in order for it to be financially feasible. "E...

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Bank deposits up five percent. Public and private financial needs are secure

Total private sector deposits in commercial banks grew by five percent to $151.6 billion at the end of 2015, compared with a year earlier, according to data provided by the Association of Banks in Lebanon (ABL). This was the slightest deposit growth rate recorded in the last seven years. The highest deposit growth, 21 percent, was registered in 2009.

Total assets rose over the same period by 5.9 percent to $186 billion.

"Even if the growth in deposits has slowed down compared wi...

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IFC extends loan to Fransabank arm. To provide more environment friendly loans

International Finance Corporation, member of the World Bank, signed a $7 million loan agreement with Fransabank subsidiary, the Lebanese Leasing Company (LLC).

The loan, supported by the Canadian Government, will be used in energy efficiency and alternative energy projects.

Adel Kassar, Chairman of LLC, said: "This investment will help us increase our support to small enterprises looking to invest in clean energy."

This is the third loan given by the IFC to Fransabank as par...

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Civil Defense contractors are now full time employees. No financial cost for the State Treasury

The Council of Ministers approved today a decree for turning Civil Defense contract workers into full-time employees.

Nabil De Freige, Minister of the Office of Ministry of State for Administrative Reform, said that turning Civil Defense volunteers into full-time employees still requires several procedures. Volunteers should undertake limited examinations at the Civil Service Council.

There are 681 Civil Defense contract workers. Volunteers total 3,316, according to the Civil Defe...

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Farmers registry by FAO. To provide farmers with social coverage and other benefits

The Food and Agriculture Organization of the United Nations (FAO) in cooperation with the Ministry of Agriculture (MoA) will launch a project to create a unified farmers registry by the end of this year. The target is to eventually allow farmers access to social, agricultural, and health services, among other objectives through unifying the data at the ministry.

Faten Adada, Social Protection Focal Point at FAO, said that the organization previously studied the strengths and weaknesses o...

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Chateau Barka to expand winery. To triple production and penetrate new markets

Vigna Verde, producer of Chateau Barka, will expand its winery in the Bekaa in late 2018.

Investment in the project will total $4 million. The total built-up area of the winery will increase to 2,000 square meters.

The expansion will raise production capacity from 150,000 to 500,000 bottles of wine per year. Ehssan Geagea, Partner, said that the wine is distributed locally and exported to France, Slovakia, Hungary, and Romania. Geagea said the company aims to penetrate new market...

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LIBANK invests in two tech startups. A total of $5.9 million soon to be followed by a third closing

Levant Investment Bank (LIBANK) has acquired stakes in the two information technology companies, M media and Torch SAL, for a combined value of $5.9 million and has closed on a third acquisition in the same sector, said Tony Ghorayeb, the bank's Chairman.

LIBANK, which is engaged in asset and wealth management and financial engineering activities, operates an investment portfolio of nearly $500 million.

It has acquired a 68 percent stake in Torch SAL for $3.4 million. Torch was fou...

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2,000 operating insurance brokers. Ongoing efforts to regulate the sector

There were 2,005 insurance brokers and agents until the end of June 2015, according to the Ministry of Economy's published guide at the Official Gazette.

More than 1,500 are agents affiliated with insurance companies. Around 140 are independent brokers and 330 are brokerage firms.

Elias Hanna, Chairman of the Lebanese Insurance Brokers Syndicate (LIBS) said that the number of brokers has grown due to increasing awareness among clients, persistent security problems, and recent educ...

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Traffic improves at Tripoli Port. Exports surge 136 percent this year

The activity of Port of Tripoli (PoT) improved last year compared to the year before.

Total goods reached 1.8 million tons. Exports jumped 136 percent to 439,000 tons. "We have started to export to Jordan, Saudi Arabia, and Iraq through Turkey, which helped spike exports," said Ahmad Tamer, PoT Director General.

Despite this significant climb, total revenues only rose by 25 percent to $14 million. Tamer said: "This is because the port mostly handles general cargo, which has a much...

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EDL deficit down 33 percent. Cost of energy led to $667 million in savings

Electricité du Liban's (EDL) fiscal deficit fell by 33 percent, by the end of 2015, compared to the year before.

Walid Mezher, member of the EDL board, said: "Deficit dropped by $667million this year to $1.4 billion."

The national power producer expects the number to go down even more by the end of this year. "We are expecting the deficit to reach $1.1 billion by the end 2016, if oil prices continue to drop," he said.

According to Mezher, EDL is still unable to invest...

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Hadwan Dairy to expand in Zahle.

Hadwan for Dairy Products will start construction works on a factory in Hawch El Omara, Zahle, late this summer.

The $3 million project will have a total built-up area of 2,000 square meters. It will be equipped with automated machines manufactured by local company, Nafco Inox.

Joseph Hadwan, General Manager, said that the new factory will double the company's dairy production to 1.5 tons per month. The production will be distributed to various local regions.
...

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$10+ billion in refugee aid pledged by donor countries. London conference: World Bank, UK, and Germany are main contributors

Donor states and organizations have pledged billions of dollars in aid to Lebanon, as part of the 'Supporting Syria and the Region' conference, held today in London.

Both UN Secretary General Ban Ki-moon and UK Prime Minister David Cameron said that the conference has raised the largest amount of money ever, in one day, in response to a humanitarian crisis.

The World Bank said that it will dedicate $200 million to increase jobs in Lebanon and Jordan. It is also working on a financi...

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Loan agreement for new building at LU.

The Government has approved a €21 million ($23 million) loan agreement by the Agence Français de Développement (AFD) to establish a new building for the Institut Superieur des Sciences Appliqués et Économiques Centre Régional Associé CNAM Liban (ISSAE CNAM) and the Faculty of Education in Beirut.

The Council for Development and Reconstruction (CDR) will manage the project. Marwan Sinno, Chief of Construction Department of CDR, said: "LACECO, a consult...

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Alfa and Touch contracts extended.

The Ministry of Telecommunications said it has extended the contracts of the two telecom operators, Alfa and Touch, which are managing the two mobile phone networks, till the end of February.

Egypt's Orascom Telecom, Media and Technology (OTMT) manages Alfa , while the Kuwait-based Zain manages Touch network.

The ministry extended the contracts on a monthly basis, after their expiration at the end of 2015 and after it failed to conduct a tender to select new operators. The tender ...

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$11 billion to manage Syrian refugee crisis. Five-year plan to be presented during London donor conference

The Ministry of Social Affairs (MoSA) has prepared an $11 billion plan to manage Syrian refugees.

The plan was put together by MoSA, in collaboration with the Presidency of the Council of Ministers, the Ministry of Education, and the Council for Development and Reconstruction (CDR).

The plan includes loans and grants to be presented to donor countries that will attend the 'Supporting Syria and the Region' conference to be held in London on February 4.

"Around $1.4 billion o...

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RYMCO becomes importer of Lada cars. Showroom planned for Jal el Dib

Rasamny Younis Motor Co. (RYMCO) has secured an exclusive national dealership contract for Lada cars and will open a new showroom in Jal el Dib to sell models of the Russian vehicles.

Lada is the brand name of Russian car manufacturer AvtoVAZ.
Work at the showroom is ongoing and will be completed in a couple of months. Lada will also be displayed in other RYMCO branches. Two 4X4 Lada models will be available: Niva and Urban. Lada Granta (Sedan 1.6L), the seven-seat Lada Largus, Lada Ka...

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Council of Ministers passes Qaraoun pollution prevention loan.

The Council of Ministers approved today a loan agreement with the World Bank regarding a project to prevent pollution in Qaraoun Lake.

The project, valued at $55 million, will focus on reducing the four sources of pollution, the first being municipal wastewater. Sewage networks will be extended and connected to wastewater treatment plants that are either functional or soon to be. This will optimize the functioning of the wastewater plant and ensure the sustainability of existing investme...

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Trade balance deficit improves by 12 percent. Decrease in international oil prices contributed most to lower import value

The trade balance (exports minus imports) improved by 12 percent last year, reaching $15 billion compared to $17 billion in 2014, according to Customs.

Marwan Barakat, Head of Research at Bank Audi, said that the decrease in the trade is attributed to the drop in oil prices and the depreciation of some currencies, mainly the euro versus the dollar.

Imports dropped by 12 percent, exports by 11 percent. The drop in the value of exports was due to the insecurity of transport lines t...

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Universal health coverage program from World Bank. Around 150,000 poor people will benefit from health coverage

The Ministry of Public Health (MoPH) has launched the Universal Health Coverage project. Around 150,000 poor people will benefit from free healthcare coverage.

The project is financed by MoPH ($6 million) and the World Bank ($15 million).

Implementation of the project will start in the next few months and will last three years. The funds will be transferred to 75 accredited primary healthcare centers in various regions. The healthcare centers, in collaboration with NGOs and munic...

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To Russia with garbage. Jisr confirms export rate of $125

Russia has accepted Chinook Urban Mining's request to receive Lebanon's trash, Nabil Jisr, Chairman of the Council for Development and Reconstruction (CDR), said.

"We have started to look into the documents put forth by Chinook," Jisr said. If the documents are complete, the file will be referred to the Council of Ministers for approval.

The cost of export alone will amount to $125 per ton. "Sweeping, collection, treatment, and transport to the port will bring the total to $212," h...

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