VOL. XXXVIIINO. 531-OCTOBER-1994

Regional Banking

Lebanon Sets Up New Development Bank

The Lebanese Parliament passed a law on 25 October establishing The NationalBank for the Development of Industry and Tourism, giving it a capital of LL30bn($18mn) and authorizing it to issue foreign currency debt bills worth $180mn.The government will contribute 20% of the bank's capital, while the remaining80% will come from private investment. The law states that the bank is entrustedwith financing...