Lebanon Will Provide $5.5 Million For Small & Medium Enterprises

Lebanon Will Provide $5.5 Million For Small & Medium Enterprises
TDS/Mohamad Azakir

The Lebanese Parliament has passed a law that clears the way for a $5.5-million support package that targets small- and medium-sized enterprises (SMEs) in Lebanon, a Lebanese MP announced on Friday.

The law allows Lebanon to receive a loan from the International Bank for Reconstruction and Development with the aim of supporting innovation in local SME projects.

“In an important step to support industrialists, those interested, and innovators in the field of combating coronavirus, we have approved in Parliament a law that secures 5.5 million dollars to support innovation in small- and medium-sized enterprises that are concerned with this,” MP Farid Boustani tweeted on Friday.

On her part, Information Minister Manal Abdel Samad tweeted: “Lebanon is proud of the drama, radio, and television production as a differential advantage of its economy, which is mainly based on the initiatives of small and medium enterprises (SMEs).”

“Hoping that this pioneering sector will benefit from the law passed today that supports innovation and creativity for these institutions,” she added.

The Parliament session that was held on Friday also involved the approval of a draft law that will secure support for the most vulnerable families in Lebanon with the help of a World-Bank loan.