Beirut, Jan 29: Ousmane Dione, World Bank Vice President for the Middle East and North Africa region, announced that the bank is finalising a rapid damage assessment to support Lebanon's reconstruction efforts.
Key Points
1.
World Bank completing rapid damage assessment by February
2.
Potential international conference to address economic challenges
3.
736 million USD in long-term loans pending approval
4.
Structural reforms crucial for rebuilding confidence
Speaking after a meeting with President Michel Aoun, Dione said that the World Bank is expected to complete the assessment by the end of February and that emergency assistance will soon be submitted for approval by the bank's board.
"We are committed to standing by Lebanon during this critical transition to support its recovery and ensure the prosperity of all its people," Dione said.
During his meeting with President Aoun, Dione reiterated the World Bank's support for Lebanon and its willingness to organise an international conference to help the country overcome its economic challenges.
He stressed the importance of structural reforms to rebuild international confidence in Lebanon and encourage private-sector investment.
For his part, President Aoun reaffirmed Lebanon's commitment to implementing necessary reforms, as outlined in his inauguration speech, noting that one of the new government's top priorities would be drafting legislation to advance reforms across various sectors.
He also outlined key objectives for the next phase, including reconstruction - particularly in areas devastated by Israeli attacks - enhancing public administration, improving citizen services, and modernizing government operations through digital technology.
Aoun thanked the World Bank for its ongoing support and pledged to expedite the approval of long-term loans in Parliament. He also welcomed the continued presence of the World Bank's office in Lebanon despite the country's challenges, Xinhua news agency reported.
The World Bank has approved 736 million US dollars in long-term loans for Lebanon, covering agriculture, energy, and water. The loans are awaiting parliamentary approval before implementation.
