The World Bank has approved a $250 million project aimed at enhancing renewable energy in Lebanon by restoring electricity grid services and supporting ongoing reforms. This decision comes as Lebanon's electricity sector faces significant operational and financial challenges due to recent crises.
Lebanon has recently implemented crucial measures to improve services and financial stability, paving the way for economic growth and better living conditions. In response to the country's crisis caused by conflict and regional instability, the World Bank is activating emergency response plans to repurpose resources for urgent needs. This includes emergency support for displaced people through a digital platform established during the COVID epidemic.
The World Bank reports that poverty in Lebanon has more than tripled over the past decade, now affecting 44 percent of the population. The organization is using its global and local expertise to guide stakeholders on necessary actions. Earlier this year, an assessment revealed $750 million in damages and losses in conflict-affected areas in southern Lebanon as of July 2024. An updated assessment is being prepared to account for recent developments.
"The succession of crises that Lebanon has experienced since 2019 had caused poverty to skyrocket," according to recent World Bank estimates.
"In these difficult times, aligned with our development mandate and our extensive experience working in fragile and conflict affected settings, the World Bank is committed to continue its support to the people of Lebanon and the wider region."