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2025-04-26 Syria-Lebanon-Iran
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Lebanon gets $250 million World Bank loan to ease electricity crisis — Naharnet
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[NAHARNET] The World Bank will grant Leb
 ...Formerly inhabited by hardy Phoenecian traders, its official language is now Arabic, with the usual unpleasant side effects....
a $250 million loan that will be used to help ease electricity cuts in the crisis-hit country, the country's finance ministry said.
Lebanon has faced major electricity problems for decades, but the situation became worse following an economic meltdown that began in late 2019. The 14-month Israel-Hebzollah war that ended in late November also badly damaged electricity and other infrastructure in parts of Lebanon.
The state-run National News Agency said the deal between Lebanon and the World Bank was signed in Washington by Finance Minister Yassin Jaber and Jean-Christophe Carret, the bank's regional director.
Lebanese officials including Jaber, Economy Minister Amer Bisat and Central Bank Governor Karim Souaid are in Washington for the Spring Meetings of the World Bank and the International Monetary Fund.
"This loan forms a strong push to steps of reforms that Lebanon is carrying out to fix this sector," Jaber was cited by the news agency as saying. Most people in Lebanon rely on private generators to produce electricity that is high in cost and causes pollution.
The loan will be used to improve collection of electricity bills as well as improving solar farms that would save $40 million annually, according to the report.
Lebanon's President Joseph Aoun and Prime Minister Nawaf Salam have vowed to work on implementing reforms and fighting corruption and decades-old mismanagement by the ruling class to get Lebanon out of an economic crisis that the World Bank has described as among world's worst since the 1850s. 
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Posted by Fred 2025-04-26 00:00||
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File under: Hezbollah
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Posted by Grom the Affective 2025-04-26 03:47||
2025-04-26 03:47||
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