Fransabank Group released a Public Private Partnership Advisory document, the first of its kind, to explain what PPP is and how it will benefit Lebanon. Adnan Kassar, Chairman of Fransabank Group, stated on this occasion “I have a strong vision and sincere belief in the importance of public and private sector partnership as the right means to lift our country’s development and prosperity. Today, we are calling for more public private partnerships in Lebanon to launch key projects that are needed to develop the country’s infrastructure and enable it to reclaim its missed role as a commercial, trade, business and financial center for the region”. As President of the Lebanese Economic Organizations, Adnan Kassar played an important role in lobbying for PPP and in prompting the Lebanese government to consider a partnership with the Private sector.
Following the parliamentary approval of the Lebanon public private partnership (PPP) Law, Fransabank, in collaboration with Fransa Invest Bank and CMS law firm, with contribution by the High Council for Privatization and Partnership, published the PPP advisory note entitled “SAFEGUARDING LEBANON'S INTERESTS AT FAST FORWARD DEVELOPMENT.”
Mr. Ziad Hayek, Secretary-General of the Supreme Council for Privatization, contributed to this work and stated: “I congratulate Lebanon for the "Public-Private Partnership" Law, which establishes the proper legal framework for the implementation of partnership projects, and which promotes transparency, attracting vital investments for the growth of our economy and for job creation.”
The document outlines the various types of PPP in use worldwide, challenges related to PPPs and how they can be overcome, a study of various PPP laws in the MENA region, financial relevance of PPPs, and outline of funding options. Specifically on Lebanon, the advisory note details the country’s previous experience with PPPs, identifies potential PPP projects, why there is an urgent need for these types of projects, and finally, an analysis and commentary of the PPP law just passed”.
International companies have long sought for this PPP law as a confirmation of trustworthiness from the country and a needed platform from which to spring their investments in the country. Such investments would not only bring deeply needed funds and employment opportunities, but also bring transfer of knowhow, technology and expertise. In this context: Regional Director of the World Bank in the Middle East, Saroj Kumar said: “The World Bank Group has been working intensively with the Government of Lebanon and has provided upstream technical advice in the run-up to the law.” He added: “We are pleased to be associated with this endeavor, and stand ready to support the implementation of the law in close collaboration with the government and with private and financial sector partners.”
Chairman Adnan Kassar welcomed the passing of the PPP law confirming that “With established political and economic stability, Lebanon’s economy has the capabilities and abilities to grow in double digit numbers.” expressing wholeheartedly a positive hope for the country.