World Bank to Create $1 Billion Fund for Lebanon
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Synopsis
Lebanese Finance Minister Yassine Jaber announced the World Bank's plans to establish a $1 billion reconstruction fund to aid Lebanon's economic recovery. This initiative highlights the importance of reforms and swift actions to meet the urgent needs of the country.
Key Takeaways
- The World Bank is setting up a $1 billion fund for Lebanon's reconstruction.
- Immediate reforms are crucial for investor confidence.
- Transparency and accountability are key to governance improvements.
- Lebanon is working to fast-track project implementations.
- Ongoing support from international partners is vital.
Beirut, Feb 28 (NationPress) Lebanese Finance Minister Yassine Jaber announced on Friday that the World Bank is in the process of setting up a one-billion-US dollar fund for the reconstruction of Lebanon, which is part of the ongoing initiatives to bolster the nation’s economic recovery.
These comments followed a meeting with Ousmane Dione, the World Bank Vice President for the Middle East and North Africa region.
Jaber expressed his appreciation for the continuous support from the World Bank, stating that their aid is essential for addressing Lebanon's pressing infrastructure and reconstruction challenges.
“A preliminary recovery plan was discussed with the World Bank last week, and we are actively pursuing the reforms needed to gain its endorsement,” the Lebanese minister stated.
He noted that multiple projects have either been approved or are on track for approval, with the current focus on expediting their implementation.
In his remarks, Dione elaborated on the one-billion-US dollar Lebanon Emergency Assistance Programme (LEAP). The World Bank has committed 250 million dollars, while the rest of the funds will be provided by donor partners and Lebanon’s allies, as reported by Xinhua news agency.
“The timing is critical,” Dione emphasized, highlighting the necessity for prompt actions to yield results and fulfill the expectations of the Lebanese populace. He also pointed out the significance of transparency, accountability, and digital transformation in enhancing governance.
Regarding funding stipulations, Dione clarified that while the World Bank does not enforce conditions, it anticipates Lebanon to enact essential reforms to build confidence among investors and global partners. “This is a collaborative effort, not an imposition. Nevertheless, measures that enhance credibility are vital to reassure investors and draw additional support,” he clarified.
