Public Works and Transport Minister Fayez Rasamny. (Credit: The Ministry's website)
Public Works and Transport Minister Fayez Rasamny met on Tuesday with delegations from the World Bank (WB) and the European Union regarding the advancement of the reconstruction project after the deadly war with Israel and the support for the reform process initiated by the Ministry.
According to the state-run National News Agency (NNA), the meeting with the WB is part of “coordination and monitoring efforts of the reconstruction project” and continues “previous meetings on reconstruction, during which an agreement on the fundamental pillars of the emergency aid project for Lebanon, implemented by the WB for reconstruction, clearance and infrastructure rehabilitation,” was reached.
Meanwhile, the meeting with the EU delegation focused on “support for the reform process undertaken by the ministry, as well as support for future reforms that it still needs.”
During the spring meetings in Washington, organized by the WB and the International Monetary Fund, Finance Minister Yassine Jaber announced the signing of an agreement regarding a $250 million loan to support the reform of the Lebanese electricity sector. He also announced that “Lebanon has obtained an agreement in principle to increase the value of the loan granted by the World Bank, raising it from $250 million to $400 million.” “The total amount of loans granted to Lebanon, offered on favorable terms with a repayment period of up to 50 years, will amount to about one billion dollars,” he indicated. The funds are distributed as follows: $250 million, approved and signed that day, will be allocated to the electricity sector, particularly to transport networks, $256 million to water, $200 million to agriculture and $200 million to social affairs.