The World Bank has approved a $250 million project to help Lebanon rebuild and recover after last year’s devastating war between Israel and Iran-backed Hezbollah. The bank had previously estimated the cost of reconstruction and recovery at around $11 billion.
“The World Bank’s Board of Executive Directors yesterday approved $250 million in financing to support Lebanon’s most urgent repair and reconstruction of damaged critical public infrastructure and lifeline services, and the sustainable management of debris in conflict-affected areas,” the bank said in a statement.
“Given Lebanon’s massive reconstruction needs, the project has been structured as a scalable framework for $1 billion, with an initial $250 million contribution from the World Bank.”
Lebanese Prime Minister Nawaf Salameh welcomed the decision, calling the project “a major step forward in the reconstruction of war-affected areas.” “This assistance strengthens recovery efforts within the framework of a state-led implementation and leverages much-needed additional financing,” he said.
More than a year of hostilities, including full-scale war between the Lebanese group Hezbollah and Israel that began in September, ended in a ceasefire agreement in late November.
The conflict caused widespread destruction across Lebanon. The war, which has wreaked havoc, particularly in Hezbollah strongholds in the south and east of the country and in Beirut’s southern suburbs, has exacerbated the economic crisis that began in 2019.
Reconstruction is one of the biggest challenges facing the Lebanese government. Beirut is seeking foreign aid to finance its post-war recovery.
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