Lebanon: World Bank approves $250 million financing to support reconstruction in conflict-affected areas.
The World Bank Board of Executive Directors recently approved $250 million in 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.
The Lebanon Emergency Assistance Project (LEAP) will prioritize and sequence interventions to maximize economic and social impact within the shortest timeframe and provide a phased approach to response, recovery and reconstruction.
“Given Lebanon’s large reconstruction needs, the LEAP is structured as a $1 billion scalable framework with an initial $250 million contribution from the World Bank and the ability to efficiently absorb additional financing—whether grants or loans—under a unified, government-led implementation structure that emphasizes transparency, accountability and results”, said Jean-Christophe Carret, World Bank Middle East division director.
The World Bank’s Rapid Damage and Needs Assessment of the impact of the conflict in Lebanon between October 8, 2023, and December 20, 2024, estimated total direct damages across 10 sectors at $7.2 billion, and reconstruction and recovery needs at $11 billion.
Damage to critical infrastructure and buildings that are critical to economic activity and the health and safety of communities was estimated at $1.1 billion across the transport, water, energy, municipal services, education and healthcare sectors. Considering the scale of needs, the LEAP was designed to support the restoration of public infrastructure and buildings, given that this is a precondition to economic and social recovery.
Source: Economymiddleeast