Established by Fathi Ibrahim Bayoud 2005 - Homs

UAE central bank: studying proposed projects in Lebanon

Business | 2019-11-03 18:45:20
UAE central bank: studying proposed projects in Lebanon
The United Arab Emirates’ central bank said on Sunday it is studying projects for Lebanon that had been proposed an at investment forum in the capital Abu Dhabi last month.

“We decided to study and recommend to the leadership in light of developments recently,” Mubarak Rashid al-Mansouri told reporters when asked whether the UAE had given any aid to Lebanon since that country’s prime minister visited last month.

The central bank subsequently said in a statement sent to Reuters that the governor was referring to “the proposed projects during the UAE - Lebanon Investment Conference” that took place in October.

Mansouri added he hoped the situation would improve in Lebanon, which is grappling with nationwide protests and its worst economic crisis since the 1975-90 civil war.

Last month then Prime Minister Saad al-Hariri said the UAE had promised investments and financial aid to Lebanon but nothing materialized.

Hariri, who has been traditionally backed by the West and Sunni Gulf Arab allies, resigned last week declaring he had hit a “dead end” in trying to resolve Lebanon’s crisis.

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