$20 billion in undeveloped land at Lebanese banks

ENAR

Should a chicken incubate her eggs for forty years, one would expect her to hatch no less than a golden goose. Similarly, the Central Bank of Lebanon is sitting on $1.2 billion worth of properties, some of which have been in its nest since the 1960 — that’s equal to 18% of Lebanon’s gold reserves in value. In fact, private banks, religious organizations and local municipalities own an estimated $20 billion worth of properties, all cumulatively earning the country a big, fat return. The current financial crisis is stalemating lending institutions, making liquidity a precious commodity to have. Lebanon needs a cash injection to not only avert an impending crisis that has threatened the very existence of major economies and even countries, but also to service a mounting national debt that has reached an alarming $48 billion in a country with a GDP of $25 billion. The proven skill and