Wednesday, September 19, 2018
Directory Directory Subscribe
Login
 

World Bank approves $400mn for Lebanon

 
 

Please, enter data

Please, enter data

The Daily Star, 29 June 2018

Lebanon will receive $400 million worth of grants and soft loans from the World Bank to help create thousands of jobs. In a press statement, the World Bank said it has approved a new $400 million project to support Lebanon’s quest to expand nationwide employment opportunities, which have been severely impacted by the influx of Syrian refugees and the recent low growth trend of the economy.

“The financial package is expected to create 52,000 permanent jobs and up to 12,000 short-term employment opportunities,” the statement said. It said the Bank’s Board of Directors approved the new project, “Creating Economic Opportunities in Support of the Lebanon National Jobs Program” Wednesday.

“The program will enhance economic opportunities for vulnerable groups, specifically young men and women. The package comprises a $70 million grant from the Global Concessional Financial Facility and a $330 million soft loan. The non-grant portion carries an interest rate of 1.71 percent and will be repayable over 22 years, including a six-year grace period.

“To strengthen project effectiveness and value for money, the disbursement of funds is directly linked to the achievement of a set of targeted results established in consultation with the government,” the World Bank explained.

International organizations such as the World Bank informed the Lebanese government that it will try to help the country weather the negative impact of the refugee influx.

Lebanese officials have complained that the presence of Syrian refugees has dealt a severe blow to the economy and that refugees are competing with the Lebanese workforce.

“Lebanon is striving to cope with the economic and social impact of the Syria crisis and stimulate inclusive growth that benefits everyone.

“This can only be achieved through the creation of a favorable business environment for the private sector to grow, create jobs and invest in Lebanon’s rich human capital. This is exactly what this project aims to do,” Saroj Kumar Jha, World Bank regional director for the Mashreq region, said.

According to the World Bank, this project will expand economic opportunities, especially in disadvantaged regions.

It will provide jobs for Lebanese citizens and temporary employment for Syrian refugees in accordance with existing laws that regulate their presence in Lebanon.

“The project supports the government’s own reform drive to stimulate a competitive business climate.

“This includes support for the development of PPPs [Public-Private Partnerships] in key infrastructure sectors, where increased private sector financing and expertise is essential to the delivery of better quality and more sustainably funded public services,” Peter Mousley, World Bank program leader in the Mashreq region, and co-team leader of the project, said.

“Another project priority is to support government initiatives to foster the competitiveness of SMEs [Small and Medium Enterprises] through the modernization of relevant services such as customs, which will help exporters, financial sector development and new products that will increase access to finance for SMEs and start-up entrepreneurs.”

He added: “Other initiatives include the development of the Special Economic Zone in Tripoli and the expansion of broadband internet services to rural areas. These will provide new market opportunities for businesses in these regions.”

The Daily Star
29/06/2018

  COMMENTS
Login to Add Your Comment  (for subscribers) | Subscribe

 

Latest News

Alstom wins $848m Riyadh Metro network contract
TradeArabia News Service, 18 September 2018

Alstom, as a part of Flow consortium, has been awarded a contract worth more than €730 million ($848 million) from Arriyadh Development Authority (ADA) to ...

Read full story
Alstom wins $848m Riyadh Metro network contract
Work on $4bn Bahrain-Saudi causeway to begin in 2021
TradeArabia News Service, 17 September 2018

Work on the $4-billion King Hamad Causeway, connecting Bahrain to Saudi Arabia, is set to kick off by mid-2021 and will be completed in three years, reported Arab ...

Read full story
Work on $4bn Bahrain-Saudi causeway to begin in 2021
Back to Home Page 3791 --- 0 <><><> 863.83333333333.....exvideo=0....eximage=0
P 0
BR 29

 
Future Traffic Security
24 - September 2018
Building Capability and Future Careers
24 - September 2018
Global Road & Traffic Safety Forum - Abu Dhabi
24 - September 2018
KSA Manufacturing Tech Show
22 - October 2018
3rd Annual RetrofitTech KSA
29 - October 2018
 
  View more  

Market Indecies
 
Saudi SE - 2.32%
Dubai FM - 4.53%
Abu Dhabi SE - 3.99%
Kuwait SE - 1.51%
Doha SM - 8.36%
Muscat SM - 6.18%
Casablanca SE Closed
Bahrain SE - 0.98%
Cairo SE Closed
Amman SE - 1.12%
 

Quick Links
  Reports  
  Articles  
  Brochures & Flyers  

Up-coming events
  Beirut Boat - 30 April - 4 May 2019  
  Project Lebanon - 18 June - 21 June 2019  
  Energy Lebanon - 18 June - 21 June 2019  
IFP Group Events Calendar

Magazine sections
  Finance  
  Zoom  
  Growth Markets  
  Regional Overview  
  Editorial  
  Tips and Tricks  
  Spotlight  
  Home Finance  
  Our Meetings
 
  Focus
 
  News
 
  Legal Issues
 

 

               
IFP Corporate
• IFP Emirates
• IFP Lebanon
• IFP Qatar
• IFP Iraq
• REC Saudi Arabia
• IFP China
Lebanon
Beirut Boat
Energy Lebanon
Project Lebanon
Qatar
Hospitality Qatar
HQ - Food Qatar
Project Qatar
Iraq
Iraq Agrofood Baghdad
Saudi Arabia
Riyadh Motor Show
 
 
  IMC
IFP Group 2018 - © All rights reserved