World Bank confirms $1 billion reconstruction fund. $2 billion in projects to be presented to bank’s board

During a meeting between the Minister of Finance Yassin Jaber with World Bank Vice President Ousmane Dione and Regional Director Jean-Christophe Carret today, the World Bank confirmed that it is working on a a $1 billion reconstruction initiative: Emergency Assistance Program for Lebanon (LEAP). The World Bank has pledged $250 million. The remaining funds will be sourced from international donors and Lebanon’s development partners.

Dione said that there is a necessity to coordinate efforts among Lebanon’s development partners to accelerate the implementation of reforms. “Time is of the essence. It is crucial to act swiftly and deliver tangible results,” he said. He also announced that the World Bank is preparing to present $2 billion in projects for Lebanon’s development to its board, with ongoing discussions with interested financial partners.

The meeting covered financial management, water, energy, and agriculture. “We reviewed several projects that have already been approved by the Cabinet and Parliament to ensure their swift implementation,” Dione said. “The World Bank has always stood by Lebanon in its most challenging times, and we will continue to do so.”

Dione stressed the importance of digital transformation in enhancing transparency and accountability within public institutions. “We are working with the Ministry of Finance to integrate digital tools into various processes, which will streamline business operations and foster greater transparency,” he said.

Dione said that the World Bank does not impose strict conditions on financial support conditions, but rather engages in dialogue to ensure the credibility and transparency of reforms. “This is a partnership, not an imposition of conditions. However, tangible reform actions are essential to reassure investors and attract further funding,” he explained.

“I heard strong words of support today for this government and for the reconstruction initiative,” said Jaber. He reiterated the government’s commitment to expediting necessary reforms, stating that Lebanon is working towards securing legislative approval for a newly established $1 billion reconstruction fund. “We have several projects already approved and others in progress. Our priority now is to accelerate their implementation,” he said.

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