The World Bank Continues to Support Lebanon.
The World Bank Board of Executive Directors approved a $250 million US project to step up renewable energy in Lebanon through the restoration of electricity grid services and support for the continued implementation of reforms. The electricity sector in Lebanon has long been the center of its economic and fiscal challenges, and successive crises have significantly worsened its operational and financial viability over the past few years. Recently, Lebanon has implemented a series of critical measures to establish the foundation for improved services and financial stability, providing a path for a stronger economy and better well-being for its population.
To respond to the crisis facing the country due to conflict and regional instability, the World Bank is also in the process of activating emergency response plans to be able to repurpose resources in its portfolio to respond to urgent needs of people in Lebanon. This will include emergency support for displaced people, which could be deployed through a digital platform that the World Bank helped to set up during the COVID-19 epidemic and which serves as a robust modality for transferring targeted support. Emergency support will be implemented in close coordination with development and humanitarian partners, each contributing according to their respective mandates and strengths. The succession of crises in Lebanon since 2019 has caused poverty to skyrocket, according to recent estimates by the World Bank. Poverty has more than tripled in the past decade, reaching 44% of the population.
The World Bank is further deploying its global and local knowledge where it can have the greatest impact, informing stakeholders about priorities for action. Earlier this year, the Bank assessed damage and losses in the conflict-affected areas of the south. Our analysis estimated that as of July 2024, $750 million in damages and losses had occurred in housing, businesses and other infrastructure. We are rapidly preparing an update on this assessment, which will cover increased damages and losses resulting from recent events.
During these difficult times, in line with our development mandate and extensive experience in working in fragile and conflict-affect settings, the World Bank remains committed to supporting the people of Lebanon and wider region.
03/10/2024
To respond to the crisis facing the country due to conflict and regional instability, the World Bank is also in the process of activating emergency response plans to be able to repurpose resources in its portfolio to respond to urgent needs of people in Lebanon. This will include emergency support for displaced people, which could be deployed through a digital platform that the World Bank helped to set up during the COVID-19 epidemic and which serves as a robust modality for transferring targeted support. Emergency support will be implemented in close coordination with development and humanitarian partners, each contributing according to their respective mandates and strengths. The succession of crises in Lebanon since 2019 has caused poverty to skyrocket, according to recent estimates by the World Bank. Poverty has more than tripled in the past decade, reaching 44% of the population.
The World Bank is further deploying its global and local knowledge where it can have the greatest impact, informing stakeholders about priorities for action. Earlier this year, the Bank assessed damage and losses in the conflict-affected areas of the south. Our analysis estimated that as of July 2024, $750 million in damages and losses had occurred in housing, businesses and other infrastructure. We are rapidly preparing an update on this assessment, which will cover increased damages and losses resulting from recent events.
During these difficult times, in line with our development mandate and extensive experience in working in fragile and conflict-affect settings, the World Bank remains committed to supporting the people of Lebanon and wider region.
03/10/2024