Loan to China repaid with agrofood

IDAL signs MoU to export
agrofood products

A Memorandum of Understanding (MOU) was signed on March 4 between the Investment Development Authority of Lebanon (IDAL) and the Chinese firm China National Complete Plant Import Export Corporation (Complant).

$7 million-worth of olive oil, wine, canned food, and nuts and kernels were selected to be exported. A Chinese delegation had recently visited IDAL to conclude the agreement.

Lebanon signed in 1996 a loan agreement with China with a value of $7 million. This arrangement has been made to repay the loan The Council of Ministers delegated IDAL with this task.

China is the top exporter to the local market with two million tons totaling a value of $2.3 billion in 2013. Local exports to China only totaled $29 million.