The growth of Foreign Direct Investment (FDI) and the positive impact such investments can have on economic growth and regional development have lead countries to actively seek to attract inward investment to secure new capital, new jobs, new technologies, and new skills, and to improve their infrastructure, and competitiveness. Investment promotion agencies have played an important role in channeling investments to a country. The Investment Development Authority of Lebanon (IDAL) was established in 1994 to spearhead Lebanon's investment promotion efforts and to promote Lebanon as key investment destination.
The UNDP Project at IDAL was set-up in 2003 to provide IDAL with strategic and advisory support in performing its functions. Over the years, the role of the UNDP Project has taken a more operational focus to fill the shortage in IDAL staff and technical capacity. Today, some of IDAL’s key functions including investment facilitation, marketing and promotion and investor targeting are undertaken by UNDP staff, despite occasional mismatch between skills required and skills available. This was the result of a gradual reduction in IDAL staff and inability to hire new staff from the Civil Service Directorate.
Based on an assessment conducted in August-September 2010, the new UNDP Project at IDAL will aim at providing IDAL with the required capacity to developed and implement its 3-year strategic plan. The project will provide the institutional set-up needed for IDAL to improve the delivery of its key functions and develop the capacity for a long-term sustainable structure. The institutional mechanism of this project will be leveraged by increasing the number of staff and strengthening technical capacity.
More specifically, the project will include three outputs :
1. IDAL’s policy making, planning and monitoring capacities strengthened
2. Support provided to IDAL to develop the knowledge base to promote investments in growth promising sectors
3. Support provided to IDAL to upgrade its investment facilitation infrastructure