Friday, August 5 2011 16:11

Lebanese companies intend to invest in insurance and services in Armenia


ArmInfo. Today Armenian Premier Tigran Sargsyan received Lebanese Ambassador Extraordinary and Plenipotentiary to Armenia Jebrail Jeara, who is completing his diplomatic mission in Armenia.

The Armenian governmental press service told ArmInfo that the premier highly estimated the current level of Armenian-Lebanese relations and stressed the ambassador's big role in their development and consolidation. For his part, the ambassador assured the premier that the Lebanese government is also striving to develop the relations between the two countries. He said that several Lebanese companies are interested in making investment in insurance and services in Armenia. The sides also pointed out that having centuries-old common traditions, Armenia and Lebanon will continue their fruitful cooperation in the future.

To note, there are approximately 100 companies with Lebanese capital in Armenia. These are mostly small and medium-sized joint ventures. Over the past few years the Lebanese companies invested in the banking and insurance sector of Armenia, as well as in the sphere of property and services. According by the National Statistical Service of Armenia, over 2010 the total volume of Lebanese investments in Armenia's economy amounted to $17.4 mln, of which $11.2 mln fell on foreign direct investments. In 2010 versus 2009 the level of Lebanese investments in Armenia dropped by 20%. One of the large investment projects of Lebanese businessmen in Armenia is the subsidiary of Byblos Bank and acquisition of the control package in Anelik Bank's capital by Credit Bank (Lebanon).
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