World Bank Approves USD250 Million Loan for Lebanon
(MENAFN) Lebanon has secured a USD250 million loan from the World Bank aimed at tackling the country's ongoing energy challenges, based on an announcement made by Finance Minister Yassine Jaber on Thursday.
"This loan will give strong momentum for the reform steps taken by Lebanon to rehabilitate the (electricity) sector," Jaber stated.
He emphasized that the funding is expected to play a crucial role in enhancing and driving forward Lebanon’s efforts to improve its electricity infrastructure.
"We are confident that this loan will be highly beneficial in advancing and supporting the reforms we are implementing in Lebanon's electricity sector," he also stated.
The official signing of the loan agreement took place between Minister Jaber and Jean-Christophe Carret, the World Bank’s regional director for the Middle East.
Carret characterized the deal as "a pivotal moment in the Bank's partnership with Lebanon" and a key milestone in the process of launching essential changes within the power sector.
As reported by the media, the terms of the agreement include creating a centralized electricity control body, enhancing financial systems such as accounting and bill collection, and expanding solar energy infrastructure across the country.
Lebanon’s electricity supply has deteriorated sharply in recent years, largely due to the state’s economic crisis.
A major factor has been the government’s inability to secure foreign currency reserves needed for fuel imports, which has resulted in more frequent and prolonged blackouts across the nation.
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