Beirut, Feb 28: Lebanese Finance Minister Yassine Jaber revealed on Friday that the World Bank is working on establishing a one-billion-US dollar reconstruction fund for Lebanon as part of the ongoing efforts to support the country’s economic recovery.
His remarks came after a meeting with Ousmane Dione, World Bank Vice President for the Middle East and North Africa region. Jaber expressed gratitude for the World Bank’s ongoing assistance, describing its support as crucial for Lebanon’s urgent infrastructure and reconstruction needs.
“A preliminary recovery plan was discussed with the World Bank last week, and we are working on accelerating the reforms necessary to secure its approval,” said the Lebanese minister. He added that several projects are either already approved or in the process of approval, and the priority now is to fast-track their implementation.
For his part, Dione detailed the one-billion-US dollar Lebanon Emergency Assistance Programme (LEAP). The World Bank has committed 250 million dollars. The remaining funds are secured through donor partners and Lebanon’s allies, Xinhua news agency reported.
“The time factor is crucial,” Dione stressed, emphasizing the need for swift action to deliver results and meet the Lebanese people’s expectations. He also underscored the importance of transparency, accountability, and digital transformation in strengthening governance.
Regarding funding conditions, Dione clarified that while the World Bank does not impose terms, it expects Lebanon to implement necessary reforms to instill confidence among investors and international partners. “This is a partnership, not an imposition. However, credibility-enhancing measures are essential to reassure investors and attract further support,” he explained.
IANS