UNIDO supports industry

Subsidized loans for projects on the way

The Ministry of Industry (MoI) and the United Nations Investment Development Organization (UNIDO) signed a cooperation agreement to enhance the capacity of the local industry. The program will run until 2014 and was drafted taking into consideration requirements of the industrial sector.

The program is based on a partnership between the UNIDO and the private and public sectors. It has a budget of $9.5 million, funded by the governments of Lebanon, Austria, Italy, and Switzerland. The Association of Lebanese Industrialists (ALI) and UNIDO will offer technical assistance to participants. The project comprises four categories: industrial administration and institutional building, enhancing institutional performance, trade capacity building, and environment and energy management.

Khaled Al Mekwad, Regional Representative of the UNIDO, said: “Negotiations are being held to launch a new program that helps provide soft loans to SMEs working in the fields of innovation, green industries, and industrial development.” He said the new program will be merged into the already running program, and has an independent budget of $28 million funded by the Italian government.

The MoI and UNIDO will choose the SMEs and help them finalize their applications. Kafalat will guarantee the loans offered and thus support the interest rates.