The World Bank is working to establish one billion dollar fund

Finance Minister Yassin Jaber, Vice President of the World Bank, Othman Dion, accompanied by regional director Jean -Christophe Carre, was received, and was a research on all issues related to the World Bank support for government projects and joint programs with the Ministry of Finance.

After the meeting, Dion stated:
“I was happy to meet His Excellency the Minister of Finance, where we had a very fruitful discussion. I congratulate His Excellency on assuming responsibility and leadership in drawing a clear path for Lebanon, while the country begins facing the challenges related to reconstruction, recovery and reviving the economy.

We discussed many areas of common concern. As you know, the World Bank was present alongside Lebanon during its darkest times, and we will continue our support for the country in its efforts to recover and reconstruction.

We also reviewed a group of projects that have already been approved by the Council of Ministers and Parliament, to ensure that they are now available for implementation. These projects include major sectors such as Public Finance Department, Water, Energy and Agriculture. We also discussed Lebanon’s emergency assistance program (Leap), a advanced initiative for a billion dollars, the World Bank contributes to $ 250 million, while the rest is provided by donor partners and friends of Lebanon. We believe that these efforts will coincide with the new government agenda and will be the basis for progress.

We also discussed with His Excellency the Minister’s comprehensive reform agenda, as the World Bank is obligated to support the new government through a set of reform policies for each sector, and we will work closely with officials to determine and translate priorities into practical steps. Transparency and accountability was one of the main axes in our discussions, especially in terms of the role of digitization in promoting these values. With the leadership of the Ministry of Finance, we will work to integrate digital tools into various operations, which facilitates the business environment and enhances transparency and accountability.

Finally, we discussed ways to unify the efforts of all development partners to support Lebanon in implementing this vital agenda. We realize that time is a decisive factor, and it is necessary to move quickly, achieve results, and meet the aspirations of the Lebanese people. The World Bank is fully committed to working alongside all development partners to support the government’s efforts. We also would like to renew our congratulations, and we look forward to welcoming His Excellency in Washington during the spring meetings.

250 million is available because it was allocated in the budget by the World Bank. We must now search for a set of partners for an additional 250 million. We will go to the Board of Directors of the World Bank with a project worth 2 billion. We are currently discussing with a number of World Bank partners who showed their interest in participating in financing this project, and we are optimistic about this. It depends on the partners. In the context of Lebanon, it is certain that part of the financing can be in the form of loans, while another part will come in the form of grants. All this depends on the partners. “

In response to a question about whether it is a conditions for securing support for Lebanon, he answered:

“You are talking about conditions for reforms or specific recommendations, while I am talking about the basic requirements for reforms. I see the relationship between the World Bank and Lebanon is a partnership relationship. Within the framework of the partnership, conditions are not imposed, but the required procedures can be discussed to ensure credibility and transparency. The required reforms are the responsibility of the Lebanese government, and I would like to be very clear about this: these are not reforms imposed by development partners or the World Bank.

However, we confirm that in the current context, it is extremely necessary that concrete measures be taken within the framework of the dialogue and partnership that we establish, so that these reforms contribute to reassuring investors and improving the business environment, which facilitates the attracting of a number of partners to support us. But the basic condition is not just commitment to partnership. Rather, we are talking here about accompanying measures that enhance credibility, contribute to reassuring investors, and encouraging them to return. “
Minister Jaber thanked the Vice President of the World Bank his interest and rapid arrival to Lebanon, and also thanked him for all the support provided by the bank for the projects that Lebanon needs strongly today. Today I heard very supportive words to this government, and also supporting the reconstruction project. As you know, during the meeting with the World Bank last week, a preliminary plan for reconstruction has been launched, and the World Bank has been allocated or works to establish a fund worth one billion dollars. And, God willing, we will accelerate the completion of the necessary reforms to help us pass it in the cabinet and the parliament. Also, there are many projects today, some of them are headed and some are in the process of declaration, and our mission is to accelerate work on them to start implementing them.