Lebanon's President Michel Aoun said on Tuesday that there will be "no turning back" in its economic development after the general situation in the country witnessed a tangible improvement in the past two weeks, the National News Agency (NNA) reported.

Aoun was referring to the period that followed his election as president after around two and a half years of presidential and political vacuum.

The president made the remarks when receiving a delegation from the Association of Banks in Lebanon.

"The priority will be development projects in which national capital can take part," Aoun said, adding that "security and political stability must be accompanied with economic stability."

Aoun was elected last week as the 13th President of Lebanon and has asked former Premier Saad Hariri to form the cabinet after the latter received the nomination of 112 members of the parliament