LEBANON, SUBSIDY PLAN FOR EXPORTS BY SEA EXTENDED
The IDAL, the Authority for Development and Investment in Lebanon, said that the Government has decided to extend the program of subsidies to exports until 31 March 2017 (Resolution No. 134/2016).
The Government has not yet allocated additional funds to the program from its initial allocation of 14 million dollars. Since its beginning 18 September 2015, the program has used about 4.6 million dollars. The grant scheme will then continue, but only until exhaustion of the funds already allocated.
This aid scheme is intended to offset the additional costs caused by the redirection of exports to Arab countries by sea, following the closure in April 2015 the Syrian-Jordanian border. The incentive system applies to all exports of agricultural and industrial products provides for the payment of subsidies to ship owners – after approval of IDAL – trucks carrying goods to Aqaba in Jordan to Jeddah in Saudi Arabia and in Dubai in the UAE.