World Bank reveals plans for reconstruction projects in Lebanon and Syria
The World Bank recently green-lit a stunning $250 million for Lebanon's post-war reconstruction and a whopping $146 million grant to revamp Syria's damaged electricity sector.
Lebanon, still reeling from last year's chaotic conflict between Israel and Hezbollah, and Syria, with massive needs post-Assad's fall, are the recipients of this generous funding.
Jean-Christophe Carret, World Bank Middle East Department's director, said, "Given Lebanon's significant reconstruction needs, this project is structured as a $1 billion scalable framework with an initial $250 million contribution from the World Bank."
Prime Minister Nawaf Salam, in response, dubbed the project a "key step in reconstruction" and a "response to damages inflicted upon critical infrastructure and essential services in war-torn areas."
Meanwhile, a separate statement from the World Bank unveiled a $146 million grant for Syria. The funds will be allocated to repair war-scorched high-voltage transmission lines, substations, and procure spare parts and maintenance equipment.
Carret commented, "Rebuilding Syria's electricity sector is a critical, no-regret investment that can significantly improve living conditions for the Syrian people, support refugee returns, restore other services, and set the groundwork for economic recovery."
Rebuilding remains one of the most formidable challenges facing Lebanon's administration after over a year of devastating skirmishes between Hezbollah and Israel. The conflict has left the region's south, east, and Beirut's suburbs in pieces, further exacerbating the economic crisis that began in 2019.
In a parallel development, the World Bank has committed further reconstruction funds across Iraq, Syria, and Lebanon, totaling more than $1 billion in recent commitments. This regional initiative signifies a collective effort to pick up the pieces after these countries endured prolonged conflicts.
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- The World Bank's $1 billion scalable framework for Lebanon's reconstruction includes an initial $250 million earmarked for business sectors.
- The $146 million grant provided by the World Bank for Syria's electricity sector will also boost the health of its people by ensuring better access to electrical services.
- Rebuilding Syria's infrastructure, including the electricity sector, is crucial for enhancing the economy, as noted by the World Bank during the regional initiative committed across Iraq, Syria, and Lebanon.
