Today's Edition
BEIRUT, LEBANON (AFP)
The World Bank announced on Wednesday it had approved $250 million to support Lebanon's post-war reconstruction and a $146 million grant to rehabilitate neighbouring Syria's electricity sector.
"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.
The bank had previously estimated the costs of post-war reconstruction and recovery in Lebanon at around $11 billion.
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.
Syria
In a separate statement, the World Bank said it had approved a $146 million grant to Syria from the International Development Association "to help restore reliable, affordable electricity and support the country's economic recovery".
The grant will finance the rehabilitation of high-voltage transmission lines and transformer substations damaged during the civil war, and the acquisition of spare parts and maintenance equipment, according to the statement.
"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," Carret said.
It would also "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", he added.
"This project represents the first step in a planned increase in World Bank support to Syria on its path to recovery and development."
The UN estimates Syria's reconstruction to cost over $400 billion.
