Farmers harvesting in northern Lebanon. (Credit: João Sousa)
BEIRUT — The World Bank's board of directors approved $200 million in financing to "improve the resilience of 'vulnerable' farmers and SMEs" in Lebanon's agribusiness sector, which is facing the effects of a multidimensional crisis as well as the global rise in fuel and fertilizer prices.
According to a press release issued Thursday evening, this financing is part of the GATE (Green-Agri Food Transformation for Economic Recovery) project, which supports investments aimed at improving productivity and market access in the agricultural sector. The latter plays a "key role in unlocking growth, creating jobs and improving living standards, particularly in rural areas," said Jean-Christophe Carret, World Bank director of operations for its Middle East department. The funds will be used to finance "integrated support packages" to help targeted farmers and SMEs cope with the effects of the crisis, "sound investments in agri-food value chains or weather- and climate-resilient infrastructure," among other examples.
The organization estimates that some 80,000 farmers, or half of the total population in this category, will be affected by the various projects under this fund and 2,200 jobs will be created. The services and infrastructure financed will also benefit 110 municipalities, with no further details on their geographical distribution.
The World Bank pointed out that the agri-food sector supports around 20 percent of the population and contributes to the country's food security. No details were given on the disbursement and repayment terms of this financing, which must first be approved by the Lebanese authorities and Parliament.