BEIRUT: The World Bank announced on Wednesday it had approved a $250 million project to support Lebanon’s reconstruction and recovery following last year’s devastating war between Israel and Iran-backed Hezbollah.
The bank had previously estimated reconstruction and recovery to cost around $11 billion.
“The World Bank Board of Executive Directors approved yesterday a $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,” it said in a statement.
Jean-Christophe Carret, the World Bank Middle East Department’s division director, said that “given Lebanon’s large reconstruction needs, the (project) is structured as a $1 billion scalable framework with an initial $250 million contribution from the World Bank.”
Lebanese Prime Minister Nawaf Salam welcomed the decision, calling the project “a key step in reconstruction by responding to damage to critical infrastructure and essential services in war-affected areas.”
