Obligation Libanon 6.25% ( XS0793155911 ) en USD

Libanon

17.05 % ▼

Liban

XS0793155911 ( en USD )

6.25% par an ( paiement semestriel ) - Obligation en défaut, paiements suspendus

11/06/2025

Prospectus brochure de l'obligation Lebanon XS0793155911 en USD 6.25%, échéance 11/06/2025

12/06/2025 ( Dans 23 jours )

Le Liban est un pays du Moyen-Orient situé sur la côte méditerranéenne, connu pour sa diversité culturelle, son histoire riche et sa situation géopolitique complexe.

L'Obligation émise par Libanon ( Liban ) , en USD, avec le code ISIN XS0793155911, paye un coupon de 6.25% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 11/06/2025

"p
U.S.$22,000,000,000
The Lebanese Republic
Global Medium-Term Note Program
Under this U.S.$22,000,000,000 Global Medium-Term Note Program (the "Program"), the Lebanese Republic (the "Republic" or "Lebanon") may, from time
to time, subject to compliance with all relevant laws, regulations and directives, issue notes in either bearer or registered form (the "Notes").
The maximum aggregate principal amount of all Notes from time to time outstanding under the Program will not exceed U.S.$22,000,000,000 (or its
equivalent in other currencies determined at the time of the agreement to issue), subject to any duly authorized increase. Notes may be denominated in U.S.
Dollars, Euros and such other currencies as may be agreed between the Republic and the relevant Dealers (as defined below). Notes will have maturities of
not less than three months nor more than 30 years and will bear interest on a fixed or floating rate basis.

SEE "RISK FACTORS" FOR A DISCUSSION OF CERTAIN FACTORS TO BE
CONSIDERED IN CONNECTION WITH AN INVESTMENT IN THE NOTES.

Any Notes to be issued after the date hereof under the Program are issued subject to the provisions set out herein. This does not affect any Notes issued prior
to the date hereof.
The Notes may be issued on a continuing basis to the Dealers and any additional Dealer(s) appointed under the Program from time to time pursuant to the
terms of the Second Amended and Restated Program Agreement dated March 1, 2010 (as the same may be amended from time to time, the "Program
Agreement"), which appointment may be for a specific issue or on an ongoing basis (each, a "Dealer" and, together, the "Dealers"). References in this Base
Prospectus to the "relevant Dealer," in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, shall be to all Dealers
agreeing to subscribe for such Notes.
Notes will be issued in series (each, a "Series"), with all Notes in a Series having the same maturity date and terms otherwise identical (except in relation to
issue dates, interest commencement dates, issue prices and related matters). Notes in each Series may be issued in one or more tranches (each, a "Tranche")
on different issue dates. Details applicable to the Notes in a particular Series or Tranche will be supplied in a final terms to this Base Prospectus (each, a
"Final Terms"), which will contain the aggregate principal amount of such Notes, interest (if any) payable in respect of such Notes, the issue price of such
Notes and any other terms and conditions not contained herein which are applicable to such Series or Tranche. This Base Prospectus may not be used to
consummate sales of Notes unless accompanied by a Final Terms.
The price and amount of Notes to be issued under the Program will be determined by the Issuer and the relevant Dealer at the time of issue in accordance with
prevailing market conditions.
This Base Prospectus constitutes a base prospectus for the purposes of Article 5.4 of Directive 2003/71/EC (the "Prospectus Directive"). Application has been
made to the Commission de Surveillance du Secteur Financier (the "CSSF") in its capacity as competent authority, under the Law on Prospectuses for
Securities, to approve this document as a base prospectus. Application has also been made to the Luxembourg Stock Exchange for Notes issued under this
Base Prospectus to be admitted to trading on the Luxembourg Stock Exchange's Regulated Market and to be listed on the Official List of the Luxembourg
Stock Exchange. The Luxembourg Stock Exchange is a regulated market for the purposes of the Markets in Financial Instruments Directive 2004/39/EC.
However, Notes may be issued under the Program which will not be listed on the Official List of the Luxembourg Stock Exchange or on any other stock
exchange, and the Final Terms applicable to the Notes in a Series will specify whether or not Notes in such Series will be listed on the Official List of the
Luxembourg Stock Exchange or on any other stock exchange.
Arrangers
BofA Merrill Lynch
Credit Suisse
Dealers
BofA Merrill Lynch
BNP PARIBAS
Citigroup
Commerzbank
Credit Suisse
Deutsche Bank
J.P. Morgan
Morgan Stanley
Nomura
The Royal Bank of Scotland
The date of this Base Prospectus is March 23, 2012

The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the
"Securities Act"), or any state securities laws, or under the securities laws of any other jurisdiction. This Base
Prospectus has been prepared by the Republic for use in connection with the offer and sale of Notes outside the
United States to non-U.S. persons in reliance upon Regulation S under the Securities Act ("Regulation S") and,
with respect to Notes in registered form only, within the United States to qualified institutional buyers ("QIBs")
in reliance upon and as defined in Rule 144A under the Securities Act ("Rule 144A"). Prospective purchasers
are hereby notified that sellers of Notes may be relying on the exemption from the provisions of Section 5 of the
Securities Act provided by Rule 144A. For a description of certain restrictions on transfer of the Notes, see
"Notice to Purchasers and Holders of Restricted Notes and Transfer Restrictions" and "Subscription and
Sale".
Notes other than Bearer Notes offered otherwise than in reliance on Regulation S pursuant to the Program
Agreement may be offered by the Dealers through their respective agents in the United States.
Notes of each Tranche will initially be represented by either a Temporary Global Note, a Permanent Global
Note, a Regulation S Global Note and/or a Restricted Global Note (each as defined herein) as indicated in the
applicable Final Terms. See "Forms of the Notes".
Application has been made to the CSSF, in its capacity as competent authority under the Law on Prospectuses
for Securities, to approve this document as a base prospectus.
Copies of the Final Terms will be available from the office of the Ministry of Finance and from the specified
office set out below of each of the Paying Agents (as defined below).
The Republic has agreed to comply with any undertakings given by it from time to time to the Luxembourg Stock
Exchange in connection with Notes in a Series to be listed on the Official List of the Luxembourg Stock
Exchange and, without prejudice to the generality of the foregoing, shall in connection with the listing of the
Notes on the Official List of the Luxembourg Stock Exchange or on any other relevant stock exchange, so long
as any Note remains outstanding, prepare a supplement to this Base Prospectus, or, as the case may be, publish
in a new Base Prospectus, whenever required by the rules of the Luxembourg Stock Exchange or any other
relevant stock exchange, or by the Law on Prospectuses for Securities, and in any event (i) if the maximum
aggregate principal amount of Notes that may be issued under the Program is increased, (ii) upon the Republic
becoming aware that (A) there has been a significant change (including any change to the Terms and
Conditions of the Notes in a Series to be listed on the Official List of the Luxembourg Stock Exchange) affecting
any matter contained in this Base Prospectus or (B) a significant new matter has arisen, the inclusion of
information in respect of which would have been required to be in this Base Prospectus if it had arisen before
this Base Prospectus was issued or (iii) if the terms of the Program are modified or amended in a manner which
would make this Base Prospectus, as supplemented, materially inaccurate or misleading. In the event that a
supplement to this Base Prospectus is produced pursuant to such undertakings, a copy of such supplement will
accompany this Base Prospectus. Any such supplement to this Base Prospectus will also be available from the
specified office of the Fiscal Agent and Transfer Agent in Luxembourg. See "General Information--Documents
on Display".
The Dealers have not independently verified the information contained herein. Accordingly, no representation,
warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by the
Dealers as to the accuracy or completeness of the information contained in this Base Prospectus or any other
information provided by the Republic or any other person in connection with the Program or the Notes or their
distribution. The statements made in this paragraph are made without prejudice to the responsibility of the
Republic under the Program.
No person is or has been authorized to give any information or to make any representation not contained in or
not consistent with this Base Prospectus, the Program Agreement or any other information supplied in
connection with the Program or the Notes and, if given or made, such information or representation must not be
relied upon as having been authorized by the Republic or any of the Dealers.
Neither this Base Prospectus nor any other information supplied in connection with the Program or any Notes
(i) is intended to provide the basis of any credit or other evaluation or (ii) should be considered as a
recommendation or constituting an offer by the Republic or any of the Dealers that any recipient of this Base
Prospectus or any other information supplied in connection with the Program or any Notes should purchase any
Notes in any jurisdiction where it is unlawful for such person to make such a recommendation or offer. Each
investor contemplating purchasing any Notes should make its own independent investigation of the financial
ii

condition and affairs and its own appraisal of the creditworthiness of the Republic. Neither this Base
Prospectus nor any other information supplied in connection with the Program or any Notes constitutes an offer
or invitation by or on behalf of the Republic or any of the Dealers to any person to whom it is unlawful to make
such offer to subscribe for or to purchase any Notes.
Neither the delivery of this Base Prospectus nor the offering, sale or delivery of any Notes shall in any
circumstance imply that the information contained herein concerning the Republic is correct at any time
subsequent to the date hereof or the date as of which it is expressed to be given or that any other information
supplied in connection with the Program is correct as of any time subsequent to the date indicated in the
document containing the same. The Dealers expressly do not undertake to review the financial condition or
affairs of the Republic during the life of the Program. Investors should review, inter alia, documents
incorporated by reference herein when deciding whether or not to purchase any Notes.
This Base Prospectus has been approved by the CSSF and published in accordance with the Prospectus
Directive, as implemented in Luxembourg. Pursuant to Article 7(7) of the Luxembourg Law on prospectuses for
securities, by approving this Base Prospectus, the CSSF gives no undertaking as to the economic or financial
soundness of any transaction or the quality and solvency of the Republic.
The distribution of this Base Prospectus and the offer or sale of Notes may be restricted by law in certain
jurisdictions. None of the Dealers or the Republic makes any representation to any investor in the Notes
regarding the legality of its investment under any applicable laws. The Republic and the Dealers do not
represent that this document may be lawfully distributed, or that any Notes may be lawfully offered, in
compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to an
exemption available thereunder, or assume any responsibility for facilitating any such distribution or offering.
In particular, no action has been taken by the Republic or the Dealers (save for the approval of this document
as a Base Prospectus by the CSSF) which would permit a public offering of any Notes or distribution of this
document in any jurisdiction where action for that purpose is required. Accordingly, no Notes may be offered
or sold, directly or indirectly, and neither this Base Prospectus nor any advertisement or other offering material
may be distributed or published in any jurisdiction, except under circumstances that will result in compliance
with any applicable laws and regulations and the Dealers have represented that all offers and sales by them will
be made on the same terms. Persons into whose possession this Base Prospectus or any Notes come must
inform themselves about and observe any such restrictions. In particular, there are restrictions on the
distribution of this Base Prospectus and the offer or sale of Notes in the United States, the European Economic
Area and the United Kingdom. For a description of these and certain further restrictions on offers and sales of
the Notes and distribution of this Base Prospectus, see "Subscription and Sale" and "Notice to Purchasers and
Holders of Restricted Notes and Transfer Restrictions" below.
The Notes have not been registered with, recommended by or approved or disapproved by the U.S. Securities
and Exchange Commission (the "SEC") or any other federal or state securities commission in the United States,
nor has the SEC or any other federal or state securities commission confirmed the accuracy or determined the
adequacy of this Base Prospectus. Any representation to the contrary is a criminal offense in the United States.
The Notes are subject to restrictions on transferability and resale and may not be transferred or resold except
as permitted under applicable federal or state securities laws pursuant to a registration statement or an
exemption from registration. See "Subscription and Sale" and "Notice to Purchasers and Holders of Restricted
Notes and Transfer Restrictions" below. Investors should be aware that they may be required to bear the
financial risks of this investment for an indefinite period of time.
In making an investment decision regarding the Notes, prospective investors must rely on their own examination
of the Republic and the terms of the Program, including the merits and risks involved. Any investor in the Notes
should be able to bear the economic risk of an investment in the Notes for an indefinite period.
The Notes may include Notes in bearer form that are subject to U.S. tax law requirements. Subject to certain
exceptions, Notes in bearer form having a maturity (at issue) of more than one year are subject to U.S. tax law
requirements and may not be offered, sold or delivered within the United States or its possessions or to United
States persons, except in certain transactions permitted by U.S. tax regulations. See "Subscription and Sale".
iii

RESPONSIBILITY STATEMENT
The Republic accepts responsibility for the information contained in this Base Prospectus. Having taken all
reasonable care that such is the case, the information contained in this Base Prospectus is, to the best of the
knowledge of the Republic, in accordance with the facts and contains no omission likely to affect the import of
such information.
iv

IN CONNECTION WITH THE ISSUE OF NOTES IN ANY SERIES OR TRANCHE UNDER THE
PROGRAM, THE DEALER OR DEALERS (IF ANY) NAMED AS THE STABILIZING MANAGER(S)
(EACH, A "STABILIZING MANAGER") (OR PERSONS ACTING ON BEHALF OF ANY
STABILIZING MANAGER(S)) IN THE APPLICABLE FINAL TERMS MAY OVER-ALLOT NOTES
OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE
NOTES IN SUCH A SERIES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE
PREVAIL, BUT IN DOING SO SUCH STABILIZING MANAGER SHALL ACT AS PRINCIPAL AND
NOT AS AGENT OF THE REPUBLIC. HOWEVER, THERE IS NO ASSURANCE THAT THE
STABILIZING MANAGER (OR PERSONS ACTING ON BEHALF OF A STABILIZING MANAGER)
WILL UNDERTAKE STABILIZATION ACTION. ANY STABILIZATION ACTION MAY BEGIN
ON OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF
THE OFFER OF THE RELEVANT SERIES OF NOTES IS MADE AND, IF BEGUN, MAY BE ENDED
AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS AFTER THE
ISSUE DATE OF THE RELEVANT SERIES OF NOTES AND 60 DAYS AFTER THE DATE OF THE
ALLOTMENT OF THE RELEVANT SERIES OF NOTES.
ANY STABILIZATION WILL BE
CONDUCTED IN ACCORDANCE WITH ALL APPLICABLE REGULATIONS.
ANY LOSS
RESULTING FROM OVER-ALLOTMENT AND STABILIZATION SHALL BE BORNE, AND ANY
NET PROFIT ARISING THEREFROM SHALL BE RETAINED, BY ANY STABILIZING MANAGER
FOR ITS OWN ACCOUNT. SEE "SUBSCRIPTION AND SALE".
NOTICE TO FLORIDA RESIDENTS
THESE NOTES ARE OFFERED PURSUANT TO A CLAIM OF EXEMPTION UNDER SECTION 517.061
OF THE FLORIDA SECURITIES AND INVESTOR PROTECTION ACT AND HAVE NOT BEEN
REGISTERED UNDER SAID ACT IN THE STATE OF FLORIDA. ALL FLORIDA RESIDENTS (OTHER
THAN EXEMPT INSTITUTIONAL INVESTORS) HAVE THE RIGHT TO VOID THE PURCHASE OF
THESE NOTES WITHOUT PENALTY WITHIN THREE (3) DAYS OF MAKING SUCH PURCHASE.
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENSE
HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED STATUTES
ANNOTATED, 1955, AS AMENDED ("RSA"), WITH THE STATE OF NEW HAMPSHIRE NOR THE
FACT THAT A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE
STATE OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE OF NEW
HAMPSHIRE THAT ANY DOCUMENT FILED UNDER SUCH RSA CHAPTER 421-B IS TRUE,
COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN
EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS
THAT THE SECRETARY OF STATE OF NEW HAMPSHIRE HAS PASSED IN ANY WAY UPON THE
MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON,
SECURITY, OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY
PROSPECTIVE PURCHASER, CUSTOMER, OR CLIENT ANY REPRESENTATION INCONSISTENT
WITH THE PROVISIONS OF THIS PARAGRAPH.
v

PRESENTATION OF FINANCIAL INFORMATION
All references in this document to "Lebanese Pounds" and "LL" are to the currency of the Lebanese Republic;
to "U.S. Dollars" and "U.S.$" are to the currency of the United States of America; to "Euros" or "" are to the
currency introduced at the start of the third stage of European economic and monetary union pursuant to the
Treaty establishing the European Community, as amended by the Treaty on European Union; and to "SDR" are
to Special Drawing Rights of the International Monetary Fund (the "IMF"). References in this document to
"billions" are to thousands of millions, to "Lebanon" or the "Republic" are to the Lebanese Republic and to the
"Government" are to the Government of Lebanon.
For ease of presentation, certain financial information relating to the Republic included herein is presented as
translated into U.S. Dollars. On the date of this Base Prospectus the closing U.S. Dollar/Lebanese Pound rate of
exchange as reported by Banque du Liban ("Banque du Liban" or "BDL"), the Republic's Central Bank, was
LL 1,507.50 = U.S.$1.00. However, this translation should not be construed as a representation that the
Lebanese Pound amount actually represents such U.S. Dollar amount or could be converted into U.S. Dollars at
the rate indicated or any other rate.
Certain figures included in this Base Prospectus differ from previously published figures for a number of
reasons, including continuing implementation of a debt management system, consultation with the IMF and
ongoing statistical revisions. Also, certain monetary amounts included in this Base Prospectus have been
subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be an exact
arithmetic aggregation of the figures that precede them.
FORWARD-LOOKING STATEMENTS
Some of the statements contained in this Base Prospectus constitute forward-looking statements. Statements
that are not historical facts are forward-looking statements. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate",
"anticipate", "believe", "continue" or similar terminology. These statements are based on the Government's
current plans, objectives, assumptions, estimates and projections. Therefore, undue reliance should not be
placed on them. Forward-looking statements speak only as of the date that they are made and the Republic does
not undertake to update any of them in light of new information or future events. Forward-looking statements
involve inherent risks and uncertainties. The Republic cautions that a number of important factors could cause
actual results to differ materially from those contained in any forward-looking statement. Forward-looking
statements include, but are not limited to, certain statements relating to the general political, military and
economic conditions in the Republic, the absence of military conflict between the Republic and Israel, the state
of relations between the Republic and Syria, the ability of the Government to implement economic and fiscal
reforms, including its privatization program, the effective implementation of decisions of donor countries and
international financial institutions regarding financial assistance to the Republic, estimates of external debt
repayment and the effects of the global financial crisis on the Republic's economy and finances.
JURISDICTION AND ENFORCEMENT
Jurisdiction and Immunity
The Republic is a sovereign state. Consequently, it may be difficult for investors to obtain or realize upon
judgments against the Republic in the courts of the United States. The Republic has irrevocably submitted to
the non-exclusive jurisdiction of any New York State or federal court sitting in The City of New York in the
Borough of Manhattan for purposes of any suit, action or proceeding arising out of or relating to the Notes (a
"Related Proceeding"). The Republic has also irrevocably agreed that all claims in respect of any Related
Proceeding may be heard and determined in any such New York State court or any such federal court, subject to
the following. The Republic has irrevocably waived the defense of an inconvenient forum to the maintenance of
any Related Proceeding whether on the grounds of venue, residence or domicile; however, the Republic will not
waive any right to seek removal or transfer of any Related Proceeding from any such court of the State of New
York to any U.S. federal court sitting in New York City, in the Borough of Manhattan.
vi

To the extent that the Republic or its assets have or hereafter may acquire any immunity (sovereign or
otherwise) from the jurisdiction of any such courts or from any legal process (whether through service or notice,
attachment prior to judgment, attachment in aid of execution, execution or otherwise) in any such court, the
Republic has, to the extent it is lawfully entitled to do so, irrevocably agreed not to claim and will irrevocably
waive such immunity in respect of any Related Proceeding. This waiver of immunity by the Republic will have
the fullest scope permitted under the U.S. Foreign Sovereign Immunities Act of 1976 but will not constitute a
general waiver or a waiver of immunity in respect of property that is used solely or principally for official
purposes (such as ambassadorial and consular real property and buildings and the contents thereof, any military
property or military assets or property or assets of the Republic related thereto, or any bank accounts of
embassies or consulates to the extent of monies maintained therein for ambassadorial, consular or other official
purposes, but not commercial purposes, in each case necessary for the proper official, ambassadorial or consular
functioning of the Republic).
Prospective investors in Notes should be aware that, pursuant to Lebanese law, including Article 860 of the
Code of Civil Procedure of Lebanon, the Republic's properties and assets are immune from execution,
attachment or other legal or judicial process and, in any Related Proceeding brought in the courts of Lebanon
against the Republic or brought in those courts to enforce or seek recognition of a judgment obtained outside
Lebanon, the Republic's waiver of immunity referred to above would not be given effect to the extent it violates
Article 860 of the Code of Civil Procedure of Lebanon.
Proceedings and Enforcement
The enforcement of foreign judgments in Lebanon is governed by Articles 1013, 1014, 1015 and 1016 of the
Lebanese Code of Civil Procedure. Under those provisions, a judgment obtained in any U.S. court would be
recognized and enforced by the courts in Lebanon without reconsideration of its merits provided that the foreign
judgment satisfies the following additional conditions: (i) the foreign judgment must have been issued by a court
competent to do so under the law of the relevant country in a proceeding in which the court's jurisdiction was
not based solely on the nationality of the plaintiff; (ii) the foreign judgment must be final and enforceable in the
country in which it was rendered, and the foreign judgment must not be based on documents subsequently
deemed or found to be untrue and must not contain contradictory terms; (iii) the laws of the country in which the
foreign judgment was rendered must permit the enforcement of judgments rendered by Lebanese courts without
reconsideration of the merits; (iv) the defendant must have been properly served with legal process with respect
to the proceeding in which the foreign judgment was rendered and due process must have been observed in
connection with the proceeding, and no party to the litigation must have failed to deliver to the court material
documents relating to the dispute; (v) the foreign judgment must not be contrary to Lebanese public policy;
(vi) a final judgment in the same case between the same parties must not have been rendered by a Lebanese
court; and (vii) no action commenced prior to the relevant foreign proceeding may be pending with respect to
the same subject matter and between the same parties before the Lebanese courts.
Enforcement of foreign judgments in Lebanon also involves the payment of significant court and related fees,
which may be as high as 2.5 percent of the amount claimed. Court costs and fees in connection with a direct
action brought against the Republic in Lebanese courts may be as high as 5 percent of the amount claimed.
vii

INCORPORATION BY REFERENCE
This Base Prospectus should be read and construed in conjunction with the following documents which have
previously been published, have been filed with the CSSF and which shall be incorporated in, and form part of,
this Base Prospectus:

the Base Prospectus dated February 26, 2009 relating to the Program;

the Base Prospectus dated April 17, 2008 relating to the Program;

the Base Prospectus dated April 4, 2007 relating to the Program;

the Base Prospectus dated October 17, 2005 relating to the Program;

the Base Prospectus dated April 19, 2004 relating to the Program; and

the Base Prospectus dated December 23, 2002 relating to the Program.
Cross-Reference List relating to Information Incorporated by Reference
The following information appears on the pages of the relevant documents as set out below:

the Terms and Conditions of the Notes set out on pages 83-104 of the Base Prospectus dated
February 26, 2009 relating to the Program;

the Terms and Conditions of the Notes set out on pages 90-111 of the Base Prospectus dated April 17, 2008
relating to the Program;

the Terms and Conditions of the Notes set out on pages 79-100 of the Base Prospectus dated April 4, 2007
relating to the Program;

the Terms and Conditions of the Notes set out on pages 67-88 of the Base Prospectus dated
October 17, 2005 relating to the Program;

the Terms and Conditions of the Notes set out on pages 55-75 of the Base Prospectus dated April 19, 2004
relating to the Program; and

the Terms and Conditions of the Notes set out on pages 57-79 of the Base Prospectus dated
December 23, 2002 relating to the Program.
The non-incorporated parts of the documents incorporated by reference are not relevant for the investor or
covered elsewhere in this Base Prospectus (item 28.4 of Regulation (EC) No 809/2004). All documents
themselves incorporated by reference in the documents incorporated by reference in this Base Prospectus shall
not form part of this Base Prospectus.
Copies of documents incorporated by reference in this Base Prospectus can be obtained from the specified office
of the Paying Agent for the time being in Luxembourg and on the Luxembourg Stock Exchange's website at
www.bourse.lu. This Base Prospectus and Final Terms for Notes listed on the Official List of the Luxembourg
Stock Exchange are also published on the website of the Luxembourg Stock Exchange at www.bourse.lu. See
"General Information--Documents on Display".
viii

GENERAL DESCRIPTION OF THE PROGRAM
Under the Program, the Republic may, from time to time, issue Notes denominated in U.S. Dollars, Euros and,
subject to compliance with all relevant laws, regulations and directives, other currencies and with a minimum
maturity of three months and a maximum maturity of 30 years, subject to the terms more fully set forth herein.
A summary of the terms and conditions of the Program and the Notes appears below. The applicable terms of
any Notes will be agreed upon by and between the Republic and the relevant Dealer prior to the issue of the
Notes and will be set forth in the Terms and Conditions of the Notes endorsed on, or incorporated by reference
into, the Notes, as modified and supplemented by the applicable Final Terms attached to, or endorsed on, such
Notes, as more fully described under "Forms of the Notes" below.
This Base Prospectus and any supplement will only be valid for listing Notes on the Official List of the
Luxembourg Stock Exchange in an aggregate principal amount of the Notes which, when added to the aggregate
principal amount then outstanding of all Notes previously or simultaneously issued under the Program, does not
exceed U.S.$22,000,000,000 or its equivalent in other currencies. For the purpose of calculating the U.S. Dollar
equivalent of the aggregate principal amount of Notes issued under the Program from time to time, the
U.S. Dollar equivalent of Notes denominated in another Specified Currency (as defined below) shall be
determined, at the discretion of the Republic, either as of the date on which agreement is reached for the issue of
Notes or on the first preceding day on which commercial banks and foreign exchange markets are open for
business, in each case on the basis of the spot rate for the sale of the U.S. Dollar against the purchase of such
Specified Currency in a foreign exchange market quoted by any leading international bank selected by the
Republic on the relevant day of calculation.
ix

TABLE OF CONTENTS
Page
SUMMARY ............................................................................................................................................................ 1
RISK FACTORS ..................................................................................................................................................... 8
TABLE OF SELECTED LEBANESE ECONOMIC INDICATORS................................................................... 16
THE LEBANESE REPUBLIC.............................................................................................................................. 17
THE ECONOMY .................................................................................................................................................. 32
EXTERNAL SECTOR.......................................................................................................................................... 52
PUBLIC DEBT ..................................................................................................................................................... 61
MONETARY SYSTEM........................................................................................................................................ 73
PUBLIC FINANCE............................................................................................................................................... 81
TERMS AND CONDITIONS OF THE NOTES .................................................................................................. 90
USE OF PROCEEDS .......................................................................................................................................... 110
FORMS OF THE NOTES................................................................................................................................... 111
BOOK-ENTRY CLEARANCE SYSTEMS ....................................................................................................... 113
NOTICE TO PURCHASERS AND HOLDERS OF RESTRICTED NOTES AND TRANSFER
RESTRICTIONS................................................................................................................................................. 118
TAXATION ........................................................................................................................................................ 120
SUBSCRIPTION AND SALE ............................................................................................................................ 132
GENERAL INFORMATION.............................................................................................................................. 136
ANNEX A - FORM OF THE FINAL TERMS ................................................................................................. A - 1
x