France urges Lebanon to create safe, transparent investment atmosphere

Source: Xinhua| 2019-03-27 22:57:49|Editor: yan
Video PlayerClose

BEIRUT, March 27 (Xinhua) -- French Ambassador to Lebanon Bruno Foucher said on Wednesday that Lebanon needs to create a safe and transparent atmosphere for investors by strictly managing its public finances, the National News Agency reported.

"Foreign investors expect Lebanon to undertake serious and structural reforms to increase economic transparency and professionalism," Foucher said during a discussion session organized by Association of Lebanese Business People in the World (RDCL World).

Foucher emphasized the need to implement reforms which will allow Lebanon to benefit from 11 U.S. billion dollars pledged in loans and donations by CEDRE conference.

"This is the responsibility of the Lebanese government. For its part, France has organized CEDRE conference to support Lebanon's economic sectors," he said.

Meanwhile, Fouad Zmokhol, founder and chairman of RDCL World, said Lebanon does not want to access CEDRE's money without implementing the necessary reforms.

"We do not want to increase our public debt without creating growth opportunities which is the only way to generate money to pay our dues," he said, adding the CEDRE money should be used to fund real projects in a transparent way.

Lebanon's public debt reached 82.95 billion dollars at the end of last June, up 8.5 percent from 76.5 billion dollars a year ago, according to Byblos Bank's weekly economic publication.