The Ministry of Industry has requested that exporters, exempted individuals, and beneficiaries of the $100 million project aimed at supporting the importation of raw materials refund the funds and balances generated from sales in foreign markets back to Lebanon.
In a statement, the ministry emphasized that to enhance the national economy and safeguard financial and monetary security, it insists that exporters and beneficiaries of the $100 million project return the funds and balances from their foreign sales to Lebanon. The ministry affirmed that industrialists operating in Lebanon are a crucial pillar of the national economy, commending their efforts in increasing work, production, and their commitment to their land, nationality, and economy, while reiterating its support for them, especially in these challenging circumstances.
Previously, the Ministry of Industry issued a decision allowing all factories that meet the conditions and had previously applied to benefit from the support mechanism for financing the importation of raw materials and industrial equipment to apply again, as long as the approved amount for applications does not exceed the $100 million agreed with the Central Bank of Lebanon; the committee approved an amount not exceeding $50 million.
The ministry clarified in its earlier decision that if an industrial institution has imported or purchased from the local market only in the year 2019 or in the years 2018 and 2019, the import rate will be calculated based on one or two years instead of the three-year average (2017, 2018, and 2019).
In its decision, the ministry also stated that all factories that have previously benefited or will benefit from the mechanism and have imported or will import the necessary raw materials must submit copies of the exit permits from the port to the Ministry of Industry, including certificates of origin and all proof of receipt of those materials along with their dates, according to the amounts approved by the committee assigned by the ministry.
