BEIRUT, Nov. 20 (Xinhua) -- Lebanese Prime Minister Nawaf Salam on Thursday presided over the signing of five cooperation agreements between Lebanon and the International Finance Corporation (IFC), aimed at enhancing investment in the country.
The accords include four direct investment agreements supporting microfinance, industrial production, and small businesses, alongside an advisory agreement with the Ministry of Energy.
Following the signing ceremony, Economy and Trade Minister Amer Bisat said the IFC package includes up to 80 million U.S. dollars in microfinance lending, a 30 million-dollar investment in Matalek, a manufacturer of electrical tools for export, and a 40 million-dollar investment in MEDCO, a regional chemicals producer active in Lebanese and regional markets.
He added that the advisory agreement with the Ministry of Energy will support an IFC-backed assessment of a gas-to-power project, noting that the proposed venture could entail substantial capital mobilization once feasibility work is complete.
IFC regional director Khawaja Aftab Ahmed said the IFC is committed to partnering with the Lebanese government and private sector, describing the agreements as a step toward "a new beginning" for the country's economic reconstruction. ■
