Representatives of the governments of Iran and Lebanon have signed a memorandum of understanding (MoU), according to which Iran will assist Lebanon in its economic reconstruction, reported IRNA, the official Iranian news agency.
The agreement was signed in Beirut by Iran’s minister of housing and urban development, Ali Abdolalizadeh, and the Lebanese minister of economy and trade, Basil Flayhan.
According to the MoU, the Iranians committed themselves to providing Lebanon with technical assistance, machinery and engineering services to help in the latter’s reconstruction. The financial package is geared towards financing infrastructure, tourism, agriculture, trade and transport projects, particularly in the south of the country, which until early last year was occupied by Israeli troops.
About $70 million of the $100-million aid package will be allocated for the purchase of Iranian-made electrical products from Iran, while another $10-million worth will be given by way of credit for telecommunications equipment.
The MoU means that Iran has undertaken to provide 50 percent of the funds needed for Lebanon's reconstruction plans. Indeed, Iran expressed its willingness to invest up to 75 percent in any project, which proves to be lucrative. It will also provide 75 percent of funds needed for the purchase of Iranian goods by Lebanon's private and state sectors.
To facilitate the arrangement, the Lebanese government promised to issue the necessary license for an Iranian trade body in Lebanon. The agreement also allows for participation by merchants from the two countries in free trade zones, the establishment of trade committees and special trade exhibitions. — (Albawaba-MEBG)
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