Lebanon and Saudi Arabia Forge Economic Ties Through 22 Agreements
Lebanon has finalized 22 agreements with Saudi Arabia to boost economic ties ahead of a high-level visit next month. The agreements span vital sectors, with an emphasis on securing international aid for Lebanon’s economy. The country’s efforts also include establishing an independent fund for reconstruction, while France considers hosting a supporting conference.
Lebanon has recently concluded 22 cooperation agreement with Saudi Arabia, preparatory to a significant high-level visit set to occur next month to enhance economic collaboration. This delegation may be led by either President Joseph Aoun, Prime Minister Nawaf Salam, or both, as noted by Lebanese Deputy Prime Minister Tarek Mitri in an interview with Asharq.
The agreements, finalized during President Aoun’s visit to Saudi Arabia on March 3, encompass vital sectors including agriculture, intellectual property, and consumer protection. The discussions aimed to address Lebanon’s ongoing crisis and broader regional issues, marking Aoun’s first international engagement since his assumption of office.
Mitri emphasized the importance of these agreements in securing further international aid for Lebanon’s faltering economy, stating, “This is a legitimate approach, and we must earn the trust of Arab nations and the international community.” He confirmed that the agreements are complete and ready for formal signing.
Chairman of the Lebanese Executives Council, Rabih El-Amine, detailed that the agreements span various sectors, including environmental management and the Ministry of Information. Additionally, there are provisions involving the General Directorate of Civil Aviation and Banque du Liban.
In tandem with these initiatives, Mitri revealed plans for an independent fund aimed at managing post-war reconstruction, distinguishing it from existing governmental refugee operations. This initiative seeks to augment Lebanon’s credibility among international donors, particularly post the Hezbollah-Israeli conflict.
According to a World Bank report, Lebanon requires an estimated $11 billion to facilitate recovery and reconstruction across ten vital sectors, with public sector funding for infrastructure repairs projected between $3 billion to $5 billion. Private investments are expected to contribute $6 billion to $8 billion for housing and tourism sectors.
Furthermore, France has shown interest in organizing a conference to assist Lebanon’s recovery efforts. French officials are considering either preparatory meetings or a combined event, with a focus on humanitarian aid and reconstruction, while another investment-centered event aims to entice international stakeholders.
Lebanon’s recent finalization of 22 cooperation agreements with Saudi Arabia marks a strategic effort to enhance economic ties and secure international aid necessary for recovery. With a focus on various sectors, including agriculture and intellectual property, the agreements not only aim to address Lebanon’s immediate economic challenges but also pave the way for significant international partnerships and support regarding post-war reconstruction. French involvement in supporting Lebanon’s recovery underscores the international community’s growing interest in stabilizing the region.
Original Source: www.arabnews.com
