Saturday, September 22, 2018
Directory Directory Subscribe
Login
 

$11.8 billion promised at the Paris CEDRE conference

 
 

Please, enter data

Please, enter data

Business News, 6 April 2018

The CEDRE donor conference has resulted in $11.8 billion in pledges of financial assistance, out of which $11 billion are in soft loans. There were 51 countries represented at the conference in addition to international donor institutions.

The various loans are expected to carry a 1.5 percent interest rate over periods ranging from 20 to 30 years.

French President Emmanuel Macron said: “It is up to us to preserve the stability of Lebanon.”

“Starting tomorrow, we will start following up on the pledges made during this conference,” said Macron. “You can count on us,” he said.

The government requested funding for the first two phases of the Capital Investment Program (CIP) that is divided into three phases, each with a four-year schedule. The CIP includes 250 infrastructure projects worth $17 billion.

Around 30 percent of the investments will be earmarked for the transportation sector while water and sewage projects will get another 30 percent. Nearly 20 percent will be allocated to the electricity sector with the remaining 20 percent to be invested in other infrastructure and development projects.

The financial aid remains a promise that should be translated into commitments. The government is required to work on each project with the donor country. Grants provided should be approved by the Council of Ministers, and loans should be discussed one by one and enacted in the Parliament.

PLEDGES

The World Bank pledged $4 billion as soft loans that will be distributed over the course of five years. It is a record for a single largest financial aid package to the country.

The EU promised €1.5 billion ($1.83 billion) in loans, and €150 million ($183 million in grants to subsidize interest dues on these loans. Christian Danielsson, Director General of EU said: “With the external investment plan we broaden our support to generate up to €1.5 billion of investment until 2020.”

The European Bank for Reconstruction and Development (EBD) pledged €1.1 billion ($1.34 billion) in soft loans to be implemented within six years.

The European Investment Bank (EIB) promised €800 million ($976 million) in soft loans to be distributed over a period of five years.

Saudi Arabia renewed a $1 billion pledge to the country as soft loans, which was previously been put on hold. The Kuwait Fund for Arab Economic Development announced it will provide $500 million in soft loans. Qatar pledged $500 million to be distributed over five years.

France promised €150 million ($183 million) as a grant, and €400 million ($488 million) to be extended as soft loans.

The United States announced that it would provide $115 million as grants to the country. Turkey promised $200 million as soft loans, Italy €120 million ($146.5 million), Netherlands promised $200 million soft loans, and $100 million loans under conditions. Germany pledged $75 million soft loans, and the UK $170 soft loans.

The Islamic Development Bank promised $750 million in loans, to be transferred within five years.

Business News
06/04/2018

  COMMENTS
Login to Add Your Comment  (for subscribers) | Subscribe

 

Latest News

Cyprus, Egypt sign deal for gas pipeline in Mediterranean
The Daily Star, 20 September 2018

Cyprus and Egypt signed an agreement paving the way for the Mediterranean’s first subsea pipeline to carry Cypriot natural gas to the Arab country for ...

Read full story
Cyprus, Egypt sign deal for gas pipeline in Mediterranean
Siemens to boost power output at Al-Sadder
Iraq Business News, 19 September 2018

In line with Iraq’s goal to improve the efficiency and availability of the country’s power plants, Siemens will provide inspection and upgrade services ...

Read full story
Siemens to boost power output at Al-Sadder
Back to Home Page 3392 --- 0 <><><> 829.33333333333.....exvideo=0....eximage=0
P 0
BR 33

 
Future Traffic Security
24 - September 2018
Building Capability and Future Careers
24 - September 2018
Global Road & Traffic Safety Forum - Abu Dhabi
24 - September 2018
KSA Manufacturing Tech Show
22 - October 2018
3rd Annual RetrofitTech KSA
29 - October 2018
 
  View more  

Market Indecies
 
Saudi SE - 2.32%
Dubai FM - 4.53%
Abu Dhabi SE - 3.99%
Kuwait SE - 1.51%
Doha SM - 8.36%
Muscat SM - 6.18%
Casablanca SE Closed
Bahrain SE - 0.98%
Cairo SE Closed
Amman SE - 1.12%
 

Quick Links
  Reports  
  Articles  
  Brochures & Flyers  

Up-coming events
  Beirut Boat - 30 April - 4 May 2019  
  Project Lebanon - 18 June - 21 June 2019  
  Energy Lebanon - 18 June - 21 June 2019  
IFP Group Events Calendar

Magazine sections
  Finance  
  Zoom  
  Growth Markets  
  Regional Overview  
  Editorial  
  Tips and Tricks  
  Spotlight  
  Home Finance  
  Our Meetings
 
  Focus
 
  News
 
  Legal Issues
 

 

               
IFP Corporate
• IFP Emirates
• IFP Lebanon
• IFP Qatar
• IFP Iraq
• REC Saudi Arabia
• IFP China
Lebanon
Beirut Boat
Energy Lebanon
Project Lebanon
Qatar
Hospitality Qatar
HQ - Food Qatar
Project Qatar
Iraq
Iraq Agrofood Baghdad
Saudi Arabia
Riyadh Motor Show
 
 
  IMC
IFP Group 2018 - © All rights reserved