According to “Lebanon This Week”, issued by Byblos Bank, the European Commission (EC) announced it will provide 42 million Euros in assistance to Lebanon under the European Neighborhood Policy.
The funds will be earmarked to three priorities in the 2008 Action Program, with 14m Euros allocated to the reinforcement of the private sector competitiveness, 18m Euros to support local development in Northern Lebanon by promoting sustainable development especially in the agricultural sector and finally 10 million Euros for the modernization of the Lebanese justice system.
Under the European Neighborhood Policy, the volume of assistance to Lebanon is expected to reach 187 million Euros during the 2007-2010 period. In fact, the EC granted 50 million Euros to Lebanon in 2007 to address economic recovery, political reforms, access to finance, de-mining and clearance of unexploded ordinance, as well as to support education for Palestinian refugees in Lebanon.
