Lebanon and Saudi Arabia Strengthen Economic Ties with 22 New Agreements

Lebanon has concluded 22 cooperation agreements with Saudi Arabia, paving the way for a high-level visit to strengthen bilateral economic ties. Key sectors involved include agriculture and intellectual property. Additionally, the formation of an independent reconstruction fund has been proposed to enhance credibility with international donors amidst the ongoing need for recovery funding.

Lebanon has successfully finalized 22 cooperation agreements with Saudi Arabia, preparing for an impending high-level visit to enhance economic relations. This delegation may be led by President Joseph Aoun, Prime Minister Nawaf Salam, or both, as stated by Lebanese Deputy Prime Minister Tarek Mitri in an interview with Asharq.

The agreements were reached following Crown Prince Mohammed bin Salman’s meeting with President Aoun at the Al-Yamamah Palace on March 3 — Aoun’s inaugural international visit since his presidency began, focused on addressing Lebanon’s crises and regional matters.

These 22 agreements span various sectors, such as intellectual property, consumer protection, agriculture, water resources, and environmental management. Rabih El-Amine, chairman of the Lebanese Executives Council, previously noted the inclusion of vital collaborations involving the Ministry of Information and civil aviation authorities.

Mitri elaborated that Lebanon is establishing an independent fund for post-war reconstruction efforts, distinct from governmental refugee management agencies. This initiative, alongside securing international partnerships, aims to enhance Lebanon’s standing with potential donors, especially amid ongoing conflicts.

A World Bank report commissioned by Lebanon indicates the nation requires approximately $11 billion for its recovery and reconstruction. This encompasses an estimated $3 billion to $5 billion for public infrastructure repairs and $6 billion to $8 billion for investment in housing, trade, industry, and tourism sectors.

Furthermore, France has shown interest in organizing a conference to bolster Lebanon’s recovery efforts. French officials have suggested conducting preparatory meetings or merging them into a comprehensive event, though specific dates remain unfixed. This conference would largely concentrate on humanitarian assistance and reconstruction alongside a separate event aimed at attracting foreign investment to Lebanon.

In summary, Lebanon’s recent finalization of 22 cooperation agreements with Saudi Arabia marks a significant step toward strengthening economic ties. The high-level visit is anticipated to bolster international support for Lebanon’s economic recovery. Additionally, efforts to establish an independent fund for post-war reconstruction reflect Lebanon’s commitment to enhancing credibility with international donors. France’s proposal for a supportive conference further emphasizes the ongoing initiatives aimed at Lebanon’s recovery and reconstruction.

Original Source: www.arabnews.com