Prime Minister Nawaf Salam met Thursday afternoon at the Grand Serail with Vice President of the World Bank Ousmane Dione and regional director Jean-Christophe Carret who both reaffirmed their support for the Lebanese government and announced funding for reconstruction efforts and economic reforms.

"We expressed the World Bank's support for the new government," Dione said, emphasizing that it "represents a breath of hope to move forward in the reconstruction of Lebanon." He reiterated the World Bank’s "full commitment to continue supporting Lebanon in its recovery, reconstruction and development process."

Dione said $736 million has been allocated to four projects in the water, energy, agriculture and public finance reform sectors. "These projects have been approved, and we are awaiting their ratification by the Cabinet and Parliament," he added.

For Lebanon’s $1 billion emergency reconstruction program, the World Bank will contribute $250 million, Dione said. "We will work with the Lebanese government to secure the remaining funding and thus be able to start the first phase of the reconstruction process."

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He also said the World Bank has prepared 13 sector-specific reform policy memorandums to be discussed and approved by the government. He urged Salam to use them as a roadmap to track progress in institutional, social, and economic reforms. "It is essential that all partners join the reform dynamic, and it is finally time to implement them with the new government," he said.

Dione concluded by reaffirming the World Bank’s commitment to "stand by Lebanon and the Lebanese people. We have done this in difficult times and will continue to do so in the reconstruction phase. The World Bank is a reliable partner for Lebanon."

Dione and Carret are scheduled to meet with Finance Minister Yassine Jaber on Friday.

International support and Lebanon’s path forward

A visit by an International Monetary Fund delegation to Lebanon less than 10 days ago revived discussions about a potential agreement to help rescue the country from its economic crisis. Last week, President Joseph Aoun met at Baabda Presidential Palace with European Commissioner for the Mediterranean Dubravka Šuica, who announced the European Union would grant "half a billion euros in aid to Lebanon if criteria are met, notably the restructuring of the banking sector and an agreement with the IMF."

A soon-to-be-finalized World Bank report estimates the damage from clashes between Hezbollah and Israel — escalating into near-total war by late summer until a cease-fire took effect Nov. 27 — at around $14 billion. The financing needed to revive the country is estimated at $12 billion.

Since the cease-fire, Lebanon has taken steps toward stability. The country elected Aoun as president on Jan. 9, ending more than two years of presidential deadlock and promising sweeping reforms. Salam formed his government a month later, setting the same goals for himself.