Latest news with #LebanonEmergencyAssistanceProject
Arabian Post
3 days ago
- Business
- Arabian Post
World Bank Launches $250 Million LEAP to Revive Lebanon's Infrastructure
Arabian Post Staff -Dubai Beirut's landscape, battered by the 14‑month Hezbollah–Israel war, is set for a critical transformation as the World Bank green‑lights a US$250 million financing package to support urgent restoration and rubble management. Dubbed the Lebanon Emergency Assistance Project, this initiative marks the initial phase of a US$1 billion, government‑led framework aimed at breathing life back into vital public infrastructure and essential services. Damage and needs assessments conducted between 8 October 2023 and 20 December 2024 estimate total conflict losses at US$7.2 billion, with an overarching reconstruction requirement of US$11 billion. Of this, approximately US$1.1 billion pertains to infrastructure across transport, water, energy, municipal services, education and healthcare – the precise sectors that LEAP will target for immediate interventions. ADVERTISEMENT Jean‑Christophe Carret, the World Bank's Middle East director, described LEAP's design as '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'. The financing will fund rapid repairs to lifeline services, sustainable clearance of rubble prioritising recycling, and initial design and environmental studies for longer‑term rebuilding. By adopting a data‑driven, area‑based prioritisation endorsed by the Council of Ministers, LEAP aims to balance speed with social and economic impact in the worst‑affected regions. To ensure accountability and effective delivery, Lebanon has initiated reforms within the Council for Development and Reconstruction, including the appointment of a fully functional board and streamlined processes consistent with international emergency‑response standards. Operational oversight will be bolstered by an international private‑sector engineering firm, responsible for compliance monitoring across technical, environmental, fiduciary and AML/CFT requirements. Implementation rests under the strategic guidance of the Prime Minister's Office, with the Ministry of Public Works and Transport leading execution and the Ministry of Environment overseeing social and environmental safeguards, especially debris handling. Prime Minister Nawaf Salam welcomed the funding as 'a key step in reconstruction… reinforcing recovery efforts within a state‑led framework and paving the way for much‑needed additional financing'. The World Bank has previously confirmed that this initial contribution is part of a US$1 billion scalable fund, with $250 million already committed and plans for donor contributions to fill the remaining $750 million. Lebanon has already secured preliminary approval to raise the World Bank loan to $400 million, signalling growing momentum for the broader rehabilitation agenda. LEAP emerges at a juncture when Lebanon, in the grip of one of its most severe financial crises in modern history, is balancing a recovery from war with deep‑rooted economic collapse. Nearly three‑quarters of its population live in poverty, the currency has collapsed by over 90 % since 2019, and public services have all but collapsed. The project's prioritisation of transparency, environmental best practice, and governance reform offers a fresh test of Lebanon's capacity to channel international finance into tangible, equitable recovery. Meanwhile, the World Bank is coordinating with multilateral and bilateral donors, aligning its initial funding with evolving Lebanese reforms. The ultimate success of LEAP depends not only on reconstruction dollars, but on effective institutional stewardship—a challenge Lebanon's government has pledged to embrace.
LBCI
4 days ago
- Business
- LBCI
PM Salam welcomes World Bank's $250 million emergency assistance package
Lebanon's Prime Minister Nawaf Salam announced on Wednesday that he welcomes the World Bank Board's approval of the Lebanon Emergency Assistance Project (LEAP), a $250 million support package aimed at reconstruction in areas damaged by the war. In a post on platform X, the Prime Minister said the funding represents 'a key step in reconstruction by addressing damage to vital infrastructure and essential services.' He emphasized that the project will reinforce Lebanon's recovery efforts within a state-led implementation framework and help the country attract much-needed additional financing.
MTV Lebanon
4 days ago
- Business
- MTV Lebanon
25 Jun 2025 12:02 PM World Bank backs recovery and reconstruction effort
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. 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. The Rapid Damage and Needs Assessment (RDNA) of the impact of the conflict in Lebanon between October 8, 2023, and December 20, 2024, estimated total direct damages across 10 sectors at US$7.2 billion, and reconstruction and recovery needs at US$11 billion. Damage to critical infrastructure and buildings that are critical to economic activity and to the health and safety of communities was estimated at US$1.1 billion across the transport, water, energy, municipal services, education and health care sectors. Considering the scale of needs, the LEAP was designed to support restoration of public infrastructure and buildings, given this is a precondition to economic and social recovery. "Given Lebanon's large reconstruction needs, the LEAP is structured as a US$1 billion scalable framework with an initial US$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. "This framework offers a credible vehicle for development partners to align their support, alongside continued progress on the Government's reform agenda, and maximize collective impact in support of Lebanon's recovery and long-term reconstruction." The WB financing will support immediate response activities required to accelerate recovery and create the conditions that favor a return to normality, including the safe and well-planned management of rubble that maximizes the reuse and recycling of rubble. Critical support will also be provided to the rapid repair and recovery of essential services, such as water, energy, transport, health, education and municipal services. Finally, the LEAP framework will also support the reconstruction of severely damaged infrastructure, starting with designs and environment and social assessments financed through WB initial financing. Drawing on lessons learned from reconstruction projects around the world, LEAP uses a transparent, data-driven area-based prioritization methodology endorsed by the Council of Ministers, which provides an integrated package of public recovery and reconstruction investments to restore social services and promote economic recovery and growth in conflict-affected areas of Lebanon. Similarly, to ensure the Project's operational readiness and its efficient and prompt implementation, the government has undertaken critical reform measures in the project's implementing agency, the Council for Development and Reconstruction (CDR). These include the establishment of a complete and functional CDR Board of Directors and streamlining administrative and decision-making processing for the LEAP, in line with international best practices for emergency projects. These measures are part of a broader institutional reform agenda that positions and equips CDR to efficiently manage the scale and urgency of Lebanon's recovery and reconstruction effort, guided by transparency, efficiency and accountability principles. The LEAP will be implemented under the strategic guidance of the Prime Minister Office, with coordination across line ministries at the level of the Council of Ministers. The Ministry of Public Works and Transport will have overall leadership and responsibility for Project execution, and the Ministry of Environment will provide oversight for environmental and social requirements, including for rubble management. In addition, the World Bank will support LEAP with enhanced implementation and supervision support measures with the recruitment of an international lender's engineering firm to conduct enhanced compliance due diligence across the entire framework. This will include oversight of technical, environmental and social, fiduciary aspects and Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) detection. This mechanism will help ensure LEAP is executed with the highest standards of compliance, integrity and effectiveness.
National News
27-04-2025
- Business
- National News
Jaber during 'Spring Meetings' in Washington: Lebanon faces a historic opportunity to regain both international community & Lebanese people's confidence
NNA - The Lebanese official delegation headed by Finance Minister Yassin Jaber, took part in the spring meetings of the International Monetary Fund and the World Bank in Washington, with a remarkable outcome in terms of affirming Lebanon's commitment to reforms leading to recovery and reassuring all parties that the fruits of this effort will benefit the Lebanese people first and foremost, a domestic interest before being an external demand. On behalf of the Lebanese government, Jaber emphasized commitment to the path of economic and institutional reform, highlighting that "the country faces a historic opportunity to regain the confidence of both the international community and Lebanese citizens." Commending the Lebanese Parliament's passing of the law to lift banking secrecy, the Finance Minister considered that "the 87 deputies' vote on it represented a vote of confidence in the government's reform plan." Jaber indicated that the new government, with the support of the newly elected president, has embarked on implementing a package of structural reforms, including the approval of the 2025 budget, the launch of reforms to the banking secrecy law, the development of modern tax laws, and the strengthening of governance and monitoring within state institutions, particularly in the energy, aviation, and telecommunications sectors. During Jaber's "fruitful" meetings with OPEC Fund Head Abdul Hamid Khalifa, the latter expressed the fund's interest in supporting Lebanon financially and technically in several areas. Jaber also held another meeting with the Deputy Managing Director of the International Monetary Fund, Nigel Clark, who expressed great optimism that Lebanon, through the available opportunities and the support granted, would achieve not only financial and banking reform, but also create a favorable environment for investment and social spending that would enhance stability on multiple levels. Participating in a meeting of MENA countries chaired by the head of the International Monetary Fund on the region's economies, Jaber called for supporting Lebanon, "which is suffering from one of the most serious financial and humanitarian crises." He also thanked the finance ministers of Saudi Arabia and Qatar for their statements calling for support for Lebanon. Jaber also referred to a "successful meeting that opens up prospects for future cooperation" with Mr. Mohammed Al-Jasser, President of the Islamic Development Bank. Concluding its meetings in Washington, Lebanon's delegation participated in a dialogue roundtable for Lebanese financing in the field of recovery and reconstruction through the Lebanon Emergency Assistance Project (LEAP), which brought together relevant international parties from the World Bank and the International Monetary Fund, along with representatives of international and Arab organizations, bodies, funds, and countries. Discussions focused on ways to finance reconstruction and recovery projects, determine funding priorities, and allocate the necessary resources to implement projects that contribute to enhancing economic recovery. It is noteworthy that France opened the contributions by providing 75 million euros, while the World Bank will continue to follow up with all other parties that have expressed a willingness to assist, in order to determine their contributions. ============
