World Bank announces $250 mn for Lebanon reconstruction
BEIRUT: 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 $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 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.
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