International Donors Have A $2.5 Billion Plan For Beirut’s Recovery

International Donors Lay Down $2.5 Billion Plan For Beirut's Recovery
Reuters/Christophe Simon

On Friday, France hosted the awaited international donors’ conference to support Lebanon in the wake of the August 4th explosion, during which a $2.5-billion plan was created to help Beirut’s recovery.

The European Union, the United Nations, and the World Bank, which published the plan, said that the roadmap for the next 18 months includes both utilizing urgent international grants to aid the most vulnerable people and focusing on Beirut’s reconstruction.

The reconstruction part of the program will be funded by loans and private funds.

The report on the roadmap explained that “the priority needs of the people-centered recovery track amount to $584 million, of which $426 million are needed for the first year.”

The costs for the reform and reconstruction track, on the other hand, are estimated at $2 billion.

This latter part, however, will not come into play before the Lebanese government – when formed – demonstrates credibility and progress on the pressing matter of reforms.

According to the report, the required reform actions include “the forensic audit of the central bank, banking sector reform, capital control, exchange rate unification, and creation of a credible and sustainable path to fiscal sustainability.”

In addition to those and other measures, the EU, UN, and World Bank requested a transparent investigation into the August 4th explosion and the implementation of a new “Port Sector Law” that would address the port authority’s operations and Lebanese Customs.