Latest news with #JeanChristopheCarret
LBCI
7 hours ago
- Business
- LBCI
$250 million loan marks start of Lebanon's major reconstruction efforts—the details
Early next week in Beirut, Finance Minister Yassine Jaber and Jean-Christophe Carret, the World Bank's regional director for the Middle East, will sign a $250 million loan agreement dedicated to rebuilding infrastructure, restoration, and clearing the remaining rubble from the Israeli assault. The loan will be subject to parliamentary approval in early September. This loan serves as seed funding for a $1 billion financing program known as LEAP, which will launch reconstruction and recovery efforts. The remaining $750 million is expected to come in the form of grants from international entities and organizations. An initial installment of 75 million euros has already been provided by Paris, while $20 million from Iraq has been transferred through the relevant ministries. What about the overall reconstruction process, estimated at about $7 billion—$4 billion for residential buildings, $1 billion for infrastructure, and $2 billion for economic institutions? Clearing debris and rubble began months ago. The Finance Ministry has transferred 600 billion LBP to the Council for South Lebanon to advance this effort, and another 200 billion LBP to the Higher Relief Commission to complete debris removal. A separate $40 million loan is allocated for agriculture, benefiting southern farmers in areas affected by erosion, fire, or phosphorus. In addition, the $250 million electricity loan recently approved by Parliament will also benefit the south, alongside other regions, by repairing transmission networks to reduce technical losses.
Yahoo
27-06-2025
- Business
- Yahoo
Syria's electricity recovery project receives $146m grant
The World Bank's board of executive directors has sanctioned a grant to strengthen Syria's power sector. A $146m grant from the International Development Association (IDA) aims to revitalise reliable, affordable electricity in war-torn regions, aiding in Syria's broader economic resurgence. The country faces an acute energy crisis due to the extensive damage and neglect suffered by its transmission and distribution infrastructure since 2020. Syria's protracted conflict has left its national grid severely impaired, with most areas receiving only two to four hours of electricity daily. This scarcity hampers vital services such as water supply, healthcare, agri-food production and housing development. The newly announced Syria Electricity Emergency Project (SEEP) will focus on reconstructing high-voltage lines and transformer substations that have been ravaged by conflict. Key 400kV interconnector lines linking Jordan and Türkiye are set for repair under SEEP, restoring critical regional connections while also addressing local needs near demand centres heavily populated by refugees returning home or displaced internally. World Bank middle east division director Jean-Christophe Carret stated: "Among Syria's urgent reconstruction needs, rehabilitating the electricity sector has emerged as a critical, no-regret investment that can improve the living conditions of the Syrian people, support the return of refugees and the internally displaced, enable resumption of other services such as water services and healthcare for the population and help kickstart economic recovery. "This project represents the first step in a planned increase in World Bank support to Syria on its path to recovery and development." Beyond physical repairs, SEEP extends technical assistance for strategic planning within Syria's electric sector. It encompasses policy reform guidance alongside regulatory advice aimed at ensuring medium- to long-term sustainability. Capacity-building measures are also planned for institutional stakeholders responsible for implementing these strategies. Overseeing this endeavour is the Public Establishment for Transmission and Distribution of Electricity (PETDE), which will coordinate rehabilitation efforts across various facets of electrical infrastructure. An international consultancy will be engaged by PETDE to provide multifaceted expertise from engineering services to environmental oversight, and ensure compliance with World Bank standards. To further ensure transparency and adherence to high operational benchmarks, a third-party monitoring agent will be appointed by the bank. This entity will enhance fiduciary surveillance along with environmental and social checks while offering expanded implementation support designed to fortify overall project management capabilities within PETDE. "Syria's electricity recovery project receives $146m grant" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Washington Post
25-06-2025
- Business
- Washington Post
World Bank approves over $1 billion for projects in Lebanon, Syria and Iraq
BEIRUT — The World Bank said Wednesday it approved over $1 billion dollars for infrastructure and reconstruction projects in Iraq, Syria and Lebanon. The biggest amount went to Iraq, where the World Bank approved $930 million to help improve the country's railway infrastructure, boost domestic trade, create jobs and diversify the economy. The World Bank said the Iraq Railways Extension and Modernization Project will improve services and increase freight capacity between the Umm Qasr Port on the Persian gulf in southern Iraq to the northern city of Mosul. 'As Iraq shifts from reconstruction to development, enhanced trade and connectivity can stimulate growth, create jobs, and reduce oil dependency,' said Jean-Christophe Carret, director of the World Bank's Middle East division. The World Bank also approved for war-torn Syria a $146 million grant to help restore reliable, affordable electricity and support the country's economic recovery. It said the Syria Electricity Emergency Project will rehabilitate damaged transmission lines and transformer substations. Last month Syria signed an agreement with a consortium of Qatari, Turkish and U.S. companies for the development of a 5,000-megawatt energy project to revitalize much of its war-battered electricity grid. For Lebanon, which is recovering from the 14-month Israel-Hezbollah war, the World Bank approved $250 million to support the most urgent repair and reconstruction of damaged critical public infrastructure and lifeline services.
Associated Press
25-06-2025
- Business
- Associated Press
World Bank approves over $1 billion for projects in Lebanon, Syria and Iraq
BEIRUT (AP) — The World Bank said Wednesday it approved over $1 billion dollars for infrastructure and reconstruction projects in Iraq, Syria and Lebanon. The biggest amount went to Iraq, where the World Bank approved $930 million to help improve the country's railway infrastructure, boost domestic trade, create jobs and diversify the economy. The World Bank said the Iraq Railways Extension and Modernization Project will improve services and increase freight capacity between the Umm Qasr Port on the Persian gulf in southern Iraq to the northern city of Mosul. 'As Iraq shifts from reconstruction to development, enhanced trade and connectivity can stimulate growth, create jobs, and reduce oil dependency,' said Jean-Christophe Carret, director of the World Bank's Middle East division. The World Bank also approved for war-torn Syria a $146 million grant to help restore reliable, affordable electricity and support the country's economic recovery. It said the Syria Electricity Emergency Project will rehabilitate damaged transmission lines and transformer substations. Last month Syria signed an agreement with a consortium of Qatari, Turkish and U.S. companies for the development of a 5,000-megawatt energy project to revitalize much of its war-battered electricity grid. For Lebanon, which is recovering from the 14-month Israel-Hezbollah war, the World Bank approved $250 million to support the most urgent repair and reconstruction of damaged critical public infrastructure and lifeline services.
Asharq Al-Awsat
25-06-2025
- Business
- Asharq Al-Awsat
World Bank to Finance Syria with $146 Million to Restore Electricity
The World Bank approved a $146 million grant to help Syria restore reliable, affordable electricity and support the country's economic recovery, it said in a statement on Wednesday. 'The Syria Electricity Emergency Project (SEEP) will rehabilitate damaged transmission lines and transformer substations and provide technical assistance to support the development of the electricity sector and build the capacity of its institutions,' it said. After 14 years of war, Syria's electricity sector has been suffering from severe damage to its grid and power stations, aging infrastructure, and persistent fuel shortages. "Among Syria's urgent reconstruction needs, rehabilitating the electricity sector has emerged as a critical, no-regret investment that can improve the living conditions of the Syrian people, support the return of refugees and the internally displaced, enable resumption of other services such as water services and healthcare for the population and help kickstart economic recovery," said World Bank Middle East Division Director Jean-Christophe Carret. "This project represents the first step in a planned increase in World Bank support to Syria on its path to recovery and development,' he added. According to the World Bank statement, the SEEP will finance the rehabilitation of high voltage transmission lines, including two critical 400 kV high-voltage interconnector transmission lines damaged during the conflict, restoring Syria's regional connectivity to Jordan and Türkiye. The project will also repair damaged high-voltage transformer substations near demand centers in the most impacted areas that host the highest number of returnee refugees and internally displaced people and provide necessary spare parts and maintenance equipment. In addition, the SEEP will provide technical assistance to inform the country's key electricity sector strategies, policy and regulatory reforms, and investment plans for medium to long term sustainability. It will also provide capacity building support to the electricity sector institutions to implement these strategies and reforms.
