World Bank allocates $400m for war-devastated Lebanon and Syria reconstruction
The World Bank is extending about $400 million (Dh1.45 billion) to help with the reconstruction of the battered electricity grid in Syria and the emergency repair of vital infrastructure in Lebanon.
The executive board of the Washington-based multilateral lender has approved two separate programmes, with $146 million in funding going to Syria and $250 million allocated to Lebanon to repair and re-establish lifeline services as well as carry out sustainable management of rubble in conflict-affected areas, the World Bank said on Wednesday.
The Lebanon Emergency Assistance Project (Leap) will prioritise recovery and reconstruction projects in areas that suffered intense Israeli bombardment during the Israel-Hezbollah war.
'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 emphasises transparency, accountability, and results', said Jean-Christophe Carret, the World Bank Middle East division director.
'This framework offers a credible vehicle for development partners to align their support, alongside continued progress on the government's reform agenda, and maximise collective impact in support of Lebanon's recovery and long-term reconstruction.'
Lebanese economy, which went into a tailspin and plunged into the worst crisis in its history after Covid-19 pandemic, suffered another blow after Israel bombed the country heavily during its fight against Hezbollah. The bombing campaign, which ended in February, has severely damaged infrastructure.
With it's own economy reeling, Lebanon needs support from donor countries as well as multilateral lenders including the World Bank the International Monetary Fund to rebuild its infrastructure.
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