Saudi Arabia and the UAE are set to inject investments in 23 projects as the Lebanese government seeks to raise $11 billion to revamp its economy, Arabian Business reports.
Prime Minister Saad Al Hariri, the Dubai-based media reports, made the announcement on Friday while on a visit to Washington.
“We will present to (Saudi and the UAE) the projects we have because they want to contribute and invest. The relationship between us has returned to what it was before and maybe better,” Hariri told reporters.
Hariri said 23 projects will be proposed without elaborating. The Arab country reportedly last month sent three former Prime Ministers to Riyadh in view of attracting investments.
Lebanon is reportedly on the lookout for $11 billion in form of loans and grants to revamp its flagging economy. The country’s economy has been stagnant with growth over the past five years stalling at 1 percent.
2019 projection reveals 1.2 percent growth, Arabian Business notes.
Middle East Confidential