Beirut, Lebanon – January 28, 2021. The United States Agency for International Development (USAID) officially launched its new $70 million Trade and Investment Facilitation (TIF) project, a five-year activity implemented by DAI Global (DAI). The launch event was held virtually in the presence of U.S. Ambassador Dorothy C. Shea, along with more than 100 participants from industrialists, service providers, and representatives from business associations, syndicates, universities, NGOs, chambers of commerce, investors, financial institutions, donors, USAID implementing partners, and other relevant stakeholders.
In her remarks, Ambassador Shea stated, “The U.S. government has consistently recognized the valuable role of Lebanon’s dynamic private sector, which will be central to an eventual economic recovery. Now more than ever, in the face of this less-than-attractive investment climate, compounded by the pandemic and the tragic port blast, the private sector needs help…This is where today’s new Trade and Investment Facilitation (TIF) project steps in, providing $70 million of assistance over several years with the goal of enabling the private sector to stabilize, adapt, and get on a path to new growth and expansion as the country presses forward with needed reforms.”
In the midst of a crippling financial and economic crisis, a global pandemic and a devastating explosion, TIF offers support to Lebanese businesses in high-impact and productive export sectors. Partnering with ecosystem stakeholders, private associations and companies, TIF seeks to expand exports of Lebanese goods and services, facilitate domestic investment and improve the business and investment enabling environment.
“We are delighted to officially announce the launch of Lebanon’s TIF project,” said Mark Rostal, TIF’s Chief of Party. “This project is designed to enhance economic opportunities by facilitating trade and investment in targeted business sectors, such as agro-food processing, manufacturing, tourism and hospitality, the knowledge economy and services.
The event concluded with a technical presentation by TIF’s Deputy Chief of Party, Dr. Nadine Chemali who introduced the project to stakeholders – predominantly private sector businesses – while advocating for business involvement in the project’s future activities, implementation and success.