World Bank says ready to participate in Lebanon's reconstruction
Beirut, Dec 18 (IANS) The World Bank is ready to take part in Lebanon's reconstruction after the Hezbollah-Israeli conflict comes to an end, a senior official from the World Bank said.
Jean-Christophe Carret, the World Bank's country director for the Middle East Department, expressed the bank's intention to collaborate with the Lebanese government on the country's reconstruction, Xinhua news agency reported quoting Lebanon's National News Agency.
Carret made the remarks during a meeting with Lebanese Parliament Speaker Nabih Berri, during which they discussed reconstruction projects and programmes, including debris removal, infrastructure rebuilding, and the rehabilitation of industrial and agricultural facilities.
Berri praised the "World Bank's desire and readiness to respond and engage with Lebanon in rebuilding and addressing the consequences of the Israeli aggression."
He also inquired about the details of the plan that the World Bank is preparing, stressing that "this plan must include land reclamation and securing loans for farmers, industrialists, and small business owners to enable them to rise again within a period not exceeding the end of this year."
According to the World Bank, the physical damages and economic losses from the Hezbollah-Israel conflict in Lebanon are estimated at $8.5 billion.
Lebanon's real GDP growth has been cut by an estimated 6.6 per cent in 2024 as a result of the conflict, bringing the cumulative decline in real GDP since 2019 to more than 38 per cent by the end of the year, according to the latest World Bank Lebanon Economic Monitor (LEM) released on December 10.
The deepening contraction reflects the devastating impact of mass displacement, destruction, and reduced private consumption.
It further exacerbates unresolved macroeconomic challenges and highlights the urgent need for comprehensive reforms and targeted investments in critical sectors as the only viable path forward post-conflict.
--IANS
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