Al-Hariri discusses financial support in Abu Dhabi

Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan stressed the UAE's support for Lebanon "at various levels," during a meeting with Lebanese Prime Minister Saad al-Hariri seeking UAE liquidity to help boost his country's economy, the official WAM news agency reported.

In a meeting with Hariri, the Crown Prince stressed that the UAE "is keen to support its relations with brotherly Lebanon at various levels and stands by him in all that preserves its security and stability and fulfills the aspirations of his brotherly people for development and development."

Hariri is in the UAE to take part in the second UAE-Lebanon Investment Conference in Abu Dhabi, where Lebanon seeks partnerships and investments in the food, infrastructure, oil and gas and renewable energy sectors.

The UAE's economy minister said funding for Lebanon would be discussed. A Hariri adviser said the climate was "positive."

Perform repairs
The Hariri government has pledged to implement long-delayed reforms, while Lebanon is burdened with one of the world's largest public debt burdens, suffering from sluggish growth and crumbling infrastructure.

The government is also seeking to curb a sharp decline in the confidence of foreign investors and depositors switching to currencies other than the Lebanese pound.

Asked on the sidelines of the conference whether Lebanon would receive liquidity in the central bank from the UAE, Hariri told Reuters: "We are working on everything ... Yes we have hope, we will work on that."

Beirut, which has a debt-to-GDP ratio of 140%, hopes that Gulf allies or sovereign wealth funds in the region will offer support, but no public pledges have been made.

UAE Economy Minister Sultan bin Saeed al-Mansouri told reporters the government believed the investment climate in Lebanon was becoming more stable. He did not make any pledges of funding, but said the funding "must be discussed with the government and it will make the right decision."