Lebanese Finance Minister Yassine Jaber. (Credit: NNA)
BEIRUT — Finance Minister Yassine Jaber announced Friday that the government has submitted a draft law to Parliament seeking approval for a $250 million loan from the International Bank for Reconstruction and Development (IBRD), part of the World Bank Group.
"During its last session, the Cabinet submitted to Parliament a draft law aimed at securing approval for a $250 million loan agreement between Lebanon and the IBRD to implement a renewable energy project and strengthen Lebanon’s energy system," Jaber said.
He added that the draft will be reviewed by the parliamentary finance and budget committees, as well as the foreign affairs committee, before being put to a vote in a plenary session "as soon as possible."
Regarding water infrastructure, Jaber said the Cabinet approved authorization for the Finance Ministry to sign a separate $256 million loan agreement with the World Bank. "This loan will also be forwarded to Parliament shortly as a draft law," he noted.
Jaber had first announced the $250 million energy loan during the World Bank and International Monetary Fund spring meetings in Washington. "This is the very first IBRD loan dedicated to Lebanon’s electricity sector, following decades of technical and analytical support," he said at the time.
He also revealed that Lebanon had secured an agreement in principle to increase the loan amount from $250 million to $400 million. "The total value of World Bank loans to Lebanon — granted on favorable terms with repayment periods of up to 50 years — now amounts to approximately $1 billion," Jaber said.
According to Jaber, the funding package is allocated as follows:
– $250 million for the electricity sector, especially transport networks
– $256 million for water infrastructure
– $200 million for agriculture
– $200 million for social affairs
Separately, Jaber met Friday with British Ambassador Hamish Cowell and reiterated that the government remains committed to its reform agenda. He called on the United Kingdom and the broader international community to step up support, particularly in pushing Israel to respect the cease-fire and U.N. Security Council Resolution 1701.
"Security is one of the most important factors for creating a climate of economic stability and encouraging growth and investment," he said.
Although a cease-fire between Lebanon and Israel took effect in November 2024, Israel — which was expected to complete its withdrawal from southern Lebanon by Jan. 26 — has maintained five positions along the border and continues to carry out strikes, claiming to target Hezbollah infrastructure and fighters.
