Lebanon’s Central Bank Releases One Billion USD Subsidised Loans

BEIRUT, Lebanon, Lebanon’s Central Bank Governor, Riad Salameh, on Tuesday announced the release of a new package of subsidised loans, valued at about one billion U.S. dollars.

The new subsidised loans include 500 million U.S. dollars for the productive sectors, 220 million U.S. dollars for housing loans, 100 million U.S. dollars for Lebanese expatriates, which will be mostly used to purchase apartments in Lebanon, Salameh said.

Salameh added that, the Arab Fund for Economic and Social Development has also offered Lebanon a loan valued at 165 million dollars, to be used for housing loans.

The governor said that, this new stimulus package will likely result in an increase in GDP growth by 1.5 percent in 2019.

He added that, the cost of borrowing has increased in Lebanon but subsidised loans will help reduce it.

Source: NAM News Network