Latest news with #CouncilforDevelopmentandReconstruction
L'Orient-Le Jour
07-05-2025
- Business
- L'Orient-Le Jour
Head of Arab Fund for Economic Development meets Aoun, vows support to Lebanon
Badr Mohammed Al-Saad, the President of the Arab Fund for Economic and Social Development, outlined the fund's objectives during a series of key meetings in Lebanon on Wednesday, emphasizing its "renewed commitment to assisting Lebanon in overcoming its ongoing challenges," during an interview with the state-run National News Agency. In a meeting with President Joseph Aoun at Baabda Palace, Saad affirmed the fund's readiness to be "the first Arab institution to provide Lebanon with aid and loans soon, to contribute to Lebanon's revival efforts," as reported by the Lebanese Presidency on X. Saad's visit underscores the Arab Fund's support for Lebanon, with two primary objectives: first, to revive long-stalled projects and second, to provide new financing for sectors severely impacted by the ongoing crisis. These sectors include vital areas such as water, electricity, healthcare, education, and infrastructure, like roads. He highlighted the importance of ensuring that technical details related to these projects would be discussed with the relevant ministers, the Council for Development and Reconstruction, and senior Lebanese officials, including the parliamentary speaker, the prime minister, and the governor of the Central Bank," NNA reported. In the meeting with President Aoun, Saad stated, 'We have a technical and study committee in Lebanon for projects, and we maintain close collaboration with the Council for Development and Reconstruction in Lebanon at the level of studying and implementing projects." He also stressed the longstanding positive relationship between Kuwait and Lebanon, underlining that the difficult circumstances Lebanon has endured are now behind them. Aoun responded by expressing optimism about the future, noting, "We are determined to rebuild the state based on new principles, with a primary focus on economic and financial reforms, relying on good governance and providing the necessary facilities for financial funds to finance projects." 'Fund has new approach' Saad also met with Parliamentary Speaker Nabih Berri at Ain al-Tineh, where he informed Berri about the Arab Fund's "readiness to resume its development activities and its ongoing and upcoming programs in Lebanon." During the meeting, Saad elaborated on the fund's new approach, which included "conducting feasibility studies and providing funding for development projects with the assistance of other funds. This approach aims to reduce bureaucratic delays by allowing the fund to handle the preparation and financing of feasibility studies, instead of Lebanon needing to complete them beforehand." Saad highlighted the Arab Fund's ongoing commitment to Lebanon, with over $1.6 billion in financing already provided to Lebanon, in addition to technical grants totaling $63 million. Saad confirmed that the Arab Fund's support had never ceased, stating that the last loan provided to Lebanon was valued at $50 million, directed to the Housing Bank. He clarified that, despite some technical issues, Lebanon had not faced any challenges in securing regular funding from the Arab Fund. Furthermore, the fund participated in a roundtable discussion in Washington, chaired by Lebanese Finance Minister Yassine Jaber, where they reaffirmed their commitment to supporting Lebanon. Saad also acknowledged the ongoing brain drain from Lebanon, attributing it to the economic and political turmoil the country has faced. He emphasized the importance of restoring Lebanon's lost expertise and announced the Arab Fund's willingness to finance studies and training programs to help rebuild Lebanon's intellectual capital. 'Electricity sector is a primary concern' In terms of sector priorities, Saad emphasized "that the electricity sector was a primary concern, with its current high production costs compared to new projects like solar energy and technology-based energy solutions. Ensuring a reliable electricity supply is crucial for reducing the financial burden on consumers and bolstering the Lebanese economy. Saad's visit also comes in the context of improving regional relations. On Sunday, the UAE officially lifted its travel ban on Lebanese citizens following a visit by Aoun to Abu Dhabi. The decision, effective Wednesday, marks a positive shift in relations between Lebanon and the Gulf monarchies, which had been strained due to tensions between Iran and Saudi Arabia and Hezbollah's influence in Lebanese politics.
LBCI
19-04-2025
- Business
- LBCI
Key IMF demands unmet as Lebanon readies for US meetings
Report by Lea Fayad, English adaptation by Karine Keuchkerian Lebanon was expected to attend next week's meetings in Washington with key reforms in hand, as requested by the International Monetary Fund (IMF). These included the passage of banking secrecy and bank restructuring laws in Parliament. The country was also expected to finalize appointments to the Council for Development and Reconstruction. However, those steps remain incomplete. The IMF had hoped Parliament would pass both laws ahead of the meetings but has acknowledged the government's efforts to prepare the legislation quickly. This message was relayed to the Lebanese delegation heading to Washington, including Lebanon's finance and economy ministers, the country's central bank governor, and advisers. According to the Lebanese finance minister, Parliament Speaker Nabih Berri is pushing to pass the two laws before the end of the month. Parliament's bureau is expected to place the amended banking secrecy law — approved last Wednesday by parliamentary committees — on the agenda for an upcoming vote. Meanwhile, the bank restructuring law, approved by the Cabinet last Saturday, is headed to the committees for review before reaching the general assembly. As for appointments to the Council for Development and Reconstruction, sources in the Lebanese delegation say the process is underway based on a government-approved mechanism. More than 600 candidates have applied, and their files are under review. From Monday to Friday next week, in addition to meetings with the IMF, the Lebanese delegation will hold talks with international institutions, including the World Bank, to present the reform plan and assess readiness for support and reconstruction efforts. Meetings are also planned with global companies — some owned by Lebanese nationals — to explore potential investments in Lebanon.
LBCI
05-04-2025
- Politics
- LBCI
Berri discusses with US envoy Morgan Ortagus 18 reform laws passed by Lebanese Parliament
Lebanese Parliament Speaker Nabih Berri met with U.S. Deputy Special Envoy to the Middle East Morgan Ortagus at the second presidency headquarters in Ain el-Tineh. The meeting was attended by U.S. Ambassador to Lebanon Lisa Johnson and Speaker Berri's media advisor Ali Hamdan. The talks, which lasted over an hour and included a one-on-one discussion between Berri and Ortagus, focused on ongoing Israeli violations and attacks on Lebanese territory. Berri emphasized that these acts, which continue to result in civilian casualties, constitute a clear breach of the ceasefire agreement and United Nations Security Council Resolution 1701. The discussion also covered the need for broad financial, economic, and administrative reforms. Berri handed the U.S. envoy a list of 18 reform laws already passed by the Lebanese Parliament. He noted that Parliament is still awaiting the submission of additional key reform bills, including those related to bank restructuring, banking secrecy, and administrative reforms—particularly concerning the Council for Development and Reconstruction. Speaker Berri described the meeting as "positive and constructive."
LBCI
03-04-2025
- Politics
- LBCI
Council for Development and Reconstruction: Lebanon's rebuilding efforts and the rise of unchecked power
Report by Joe Farchakh, English adaptation by Karine Keuchkerian In 1977, after the "Two-Year War" and the devastation it left behind, the Council for Development and Reconstruction (CDR) was established to replace the then-Ministry of General Planning. This decision followed a demand from the Arab community at the time for a single entity to handle the planning, funding, and implementation of projects. The goal was to rebuild Lebanon with an independent developmental plan through an institution that was not politically beholden and free from the interests of the political class. According to its founding decree, the CDR was tasked with establishing a work plan, formulating a basic framework, setting a timeline for reconstruction, and designing and planning projects. It was also responsible for securing funding for proposed projects, attracting loans from international donors, and managing these funds to finance the projects. Additionally, the CDR was charged with implementing the projects. The council began executing major projects, from planning to funding and implementation. Its powers rapidly grew unchecked, particularly during the tenure of former Prime Minister Rafic Hariri, as the council operated without significant government oversight. The CDR is not accountable to the prime minister but to the Cabinet, which exposes it to political maneuvering that disrupts its work through the vetoes of politicians—referred to as "cheese eaters" by former President Fouad Chehab—who sought to carve out portions for themselves from state projects. As the issues mounted, so did suspicions. The appointment of a new president and members for the CDR is, first and foremost, an international demand, following the massive waste and corruption in the management of aid funds after the 2006 July war. However, these new appointments are not sufficient to activate the CDR's work; there must also be enhanced oversight through the Parliament, the Court of Audit, and the Central Inspection Authority, which has not occurred since the 1990s. So, will the experience of 1977 repeat itself in 2025, with the responsibility for planning, funding, and implementing reconstruction projects concentrated in one entity?
LBCI
02-04-2025
- Business
- LBCI
Lebanon's $250 million war debris loan delayed pending Council for Development and Reconstruction appointments, sources tell LBCI
Sources told LBCI Wednesday that the World Bank will delay the start of its $250 million war debris removal loan until key appointments are made at Lebanon's Council for Development and Reconstruction. The Lebanese delegation is expected to present these appointments at the International Monetary Fund (IMF) and World Bank meetings in Washington on April 21.
