The conference was told that the only people sending money to Lebanon are Lebanese expats.
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Finance Minister Ali Hassan Khalil urged the government to support specific economic sectors that could lure investments from Lebanese expatriates.The two-day conference, which was organized by Al-Iktissad Wal Aamal Group, aims at discussing the role of the Lebanese Diaspora in Lebanon's economic development.Khalil said that Expatriates' remittances are being used mostly for direct consumption and not in investment projects in Lebanon. Likewise, Nabil Itani, chairman of the Investment Development Authority of Lebanon, said that Arab and foreign investors are absent and the only people sending money to Lebanon are Lebanese expatriates.He added that Foreign Direct Investments in Lebanon dropped from $5.5 billion in 2010 to $2.68 in 2013 . Charafeddine said the monetary policy adopted by the Central Bank in recent years encouraged Lebanese expatriates to send their money to Lebanon.
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