World Bank announces $250 mln for Lebanon reconstruction - Region
The World Bank announced on Wednesday it had approved a $250 million project to support Lebanon's reconstruction and recovery following last year's devastating war between Israel and Iran-backed Hezbollah.
The bank had previously estimated reconstruction and recovery to cost around $11 billion.
"The World Bank Board of Executive Directors approved yesterday a US$250 million financing to Lebanon to support the most urgent repair and reconstruction of damaged critical public infrastructure and lifeline services, and the sustainable management of rubble in conflict-affected areas," it said in a statement.
Jean-Christophe Carret, the World Bank Middle East Department's division director, said that "given Lebanon's large reconstruction needs, the (project) is structured as a $1 billion scalable framework with an initial $250 million contribution from the World Bank".
Lebanese Prime Minister Nawaf Salam welcomed the decision, calling the project "a key step in reconstruction by responding to damage to critical infrastructure and essential services in war-affected areas".
"This support strengthens recovery efforts within the state-led implementation framework and leverages much-needed additional financing," he said.
More than a year of hostilities between the Lebanese group Hezbollah and Israel, including a full-blown war that began in September, ended with a ceasefire agreement in late November.
The conflict caused massive destruction across Lebanon, particularly in Hezbollah strongholds in the country's south and east and in Beirut's southern suburbs, and further exacerbated economic woes caused by an economic crisis that started in 2019.
Reconstruction remains one of the greatest challenges facing Lebanon's government, with Beirut seeking foreign aid to finance the post-war recovery.
Follow us on:
Facebook
Instagram
Whatsapp
Short link:
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
6 hours ago
- See - Sada Elbalad
Elon Musk Contacts Lebanese President, Expresses Interest in Telecom and Internet Investment
Taarek Refaat Lebanese President General Joseph Aoun received a phone call from Elon Musk, CEO of SpaceX, during which Musk expressed strong interest in Lebanon's telecommunications and internet sectors. According to an official statement from the Lebanese Presidency, Musk also conveyed a desire for his companies to have a presence in Lebanon—an initiative President Aoun welcomed, affirming the government's readiness to offer all possible facilitations within the framework of Lebanese laws and regulations. At the conclusion of the call, President Aoun extended an invitation to Musk to visit Beirut, which the billionaire entrepreneur graciously accepted in principle, promising to make the trip at the first suitable opportunity. The conversation comes at a time when Lebanon is actively seeking ways to emerge from its prolonged economic crisis. With the recent lifting of sanctions on Syria, new regional economic corridors are expected to open, particularly around reconstruction and infrastructure development—offering Lebanon potential roles and benefits, especially in sectors like energy, logistics, and technology. Musk's outreach, if followed by concrete action, could signal a new chapter in Lebanon's efforts to attract high-profile international investors. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Middle East
18 hours ago
- Middle East
OPEN// Egypt, Poland FMs in talks over elevating bilateral relations
CAIRO, June 26 (MENA) - Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty and his Polish counterpart Radosław Sikorski expressed their desire to elevate bilateral relations during a phone call on Thursday. The contact focused on increasing trade volume and attracting more Polish investments to Egypt. Both ministers reviewed the progress in bilateral relations in recent years. They also followed up on the outcome of the Polish foreign minister's visit to Cairo in April that underscored the importance of continuing bilateral frameworks, such as the Joint Economic Committee. Abdelatty praised Poland's EU Council presidency and its support for Egypt within EU institutions. He also welcomed the European Council's approval of the second tranche (€4 billion) of the EU's financial support package for Egypt. As for the Middle East developments, the contact tackled Egypt's efforts to secure a ceasefire, and humanitarian aid access. Abdelatty reviewed Egypt's contacts to de-escalate Iran-Israel tensions, urging both sides to maintain calm for regional stability. The Polish minister lauded Egypt's role to boost security and stability in the region and its efforts to secure a ceasefire in Gaza and maintain Iran-Israel ceasefire. (MENA) S R E
Mid East Info
18 hours ago
- Mid East Info
Diriyah Company Recognized as one of Time100 Most Influential Companies in the World for 2025 - Middle East Business News and Information
Global recognition highlights the impact and scale of Diriyah development Reflects world-class team and professionalism behind the $63.2 billion City of Earth Reinforces role of Public Investment Fund giga projects in driving Vision 2030 Diriyah, June 2025: Diriyah Company has been recognized as one of the 100 most influential companies in the world by global publishing giant Time Magazine. The annual Time100 awards recognizes companies worldwide who have a transformational impact on a wide range of industrial and business endeavors. Diriyah Company is the 2nd Saudi company to be recognized by the US-based publisher – after Aramco in 2024 – and recognizes the groundbreaking work the developer is undertaking in building its visionary $63.2 billion City of Earth on the outskirts of Riyadh. The recognition places Diriyah Company among a select group of global organizations that are transforming their industries and driving impact across innovation, sustainability, culture, and economic development. Commenting on the accolade, Diriyah Company Group CEO Jerry Inzerillo said: 'Being recognized as one of the Time100 Most Influential Companies is a powerful affirmation of Diriyah's mission to lead with purpose: by honoring our heritage, uplifting our community, and embracing world-class sustainability and hospitality standards. 'From carbon-free construction, energy efficiency and water conservation, to cultural preservation and human-centric development, every aspect of Diriyah's development reflects a commitment to minimizing our environmental footprint while maximizing quality of life for nearly 100,000 future residents Diriyah is a living cultural legacy, one that celebrates Saudi Arabia's storied past while setting new global benchmarks for urban development. With iconic assets like the Royal Diriyah Opera House, the historic Wadi Hanifah, and unprecedented luxury experiences, we are proud to share our vision for The City of Earth with the world.' The most influential companies list, launched in 2021, is curated by Time's global editors and reporters, following nominations across sectors and regions. Each selected company is evaluated on criteria including relevance, leadership, innovation, ambition, and impact. The list includes global brands, high-growth startups, and industry leaders shaping the future of business, society, and culture. Previous companies included in the Time100 Most Influential Companies have included global giants like Apple, Microsoft, LVMH, JP Morgan, Schneider Electric, IBM and Bristol Myers Squib among many others. About Diriyah: Diriyah, Saudi Arabia's premier historical, cultural, and lifestyle destination, is a key component of Saudi Arabia's 2030 Vision. A short 15-minute drive from Riyadh's city center, this 14-square-kilometer development holds historical significance as the birthplace of the Kingdom of Saudi Arabia, dating back to 1727. Currently being developed by Diriyah Company, Diriyah is undergoing a transformation into an authentic Najdi-style mixed-use urban community. Diriyah's centerpiece is At-Turaif, the UNESCO World Heritage Site inscribed in 2010, showcasing the ancient adobe capital city of the First Saudi State, dating back to 1766. Upon completion, Diriyah will host more than 100,000 residents, workers, students, and visitors, offering a diverse range of cultural, entertainment, retail, hospitality, educational, and residential spaces. The first of those spaces include Bujairi Terrace, Riyadh's new premium dining hub with over 20 global and local restaurants and cafes that enjoy uninterrupted views of At-Turaif. Bab Samhan, a Luxury Collection Hotel is the first hospitality offering in Diriyah, providing a tranquil experience with panoramic views of Wadi Hanifah. Diriyah's development provides a dynamic environment that celebrates Saudi Arabia's rich cultural history. About Diriyah Company: Diriyah Company was launched in January 2023 and joined the Public Investment Fund's (PIF) portfolio of giga-projects. The Company is responsible for developing the Diriyah project, the birthplace of the Kingdom of Saudi Arabia and its foremost historical, cultural, and lifestyle destination. A dynamic mixed-use developer, Diriyah Company is redefining urban planning to develop Diriyah, 'The City of Earth', while adhering to the highest design, development, and preservation standards. The company ensures Diriyah's cultural landmarks are complemented by world-class retail offerings, fine-dining experiences, and leading hospitality brands. As a PIF company, Diriyah Company's mission focuses on opportunities in development, hospitality, investment, retail, and office leasing, along with strategic asset management, underscoring
