The World Bank's Vice President for the Middle East and North Africa, Farid Belhaj, expressed (Tuesday) the bank's readiness to finance important projects in Lebanon at a value of $500 million this year, and that there is a possibility for more amounts in the coming years in several sectors.

This came in a statement made by Belhadj after his meeting with a delegation from the bank with the head of the Lebanese caretaker government, Najib Mikati.

He indicated that he met during his visit to Lebanon with Mikati and the ministers of finance, economy, energy, environment, agriculture and industry.

He said that the World Bank's Board of Directors will conduct, in the coming months, two projects for Lebanon, namely the social coverage project and the agricultural sector support project.

He pointed out that the social coverage project is an important project with an amount of about 300 million dollars to support groups that have touched the level of poverty in an unprecedented way, and the project will also develop an information base that enables avoiding corruption and change in the financing destination.

He said that the second project with the Lebanese government is dedicated to supporting the agricultural sector, especially in the field of communication between the public and private sectors, and its value is about $200 million.

He pointed to other projects centered on renewable energy, noting that the World Bank is ready to enter into projects at the level of 100 and 150 million dollars allocated to this sector.

On the World Bank's financing of the gas and electricity delivery file to Lebanon from Egypt and Jordan via Syria, Belhaj said that the World Bank has been a partner with successive Lebanese governments since 2002, pointing to important reforms that the Lebanese state must take.

He indicated that he had informed the Prime Minister and the Minister of Energy of the conditions that the government must follow, namely conducting a financial audit of the government's "Electricity of Lebanon" and establishing the "regulatory authority for the electricity sector" according to what was approved by the government, in addition to correcting cost-recovery prices in electricity production.

He added, "These reforms can open the door for the World Bank or other partners to support the electricity sector in Lebanon."

He stressed that "the World Bank is dealing positively with the Lebanese government, and we are available for every technical or financing support, but there must be a level of understanding and credibility to move forward with these projects."

Since 2019, Lebanon has been suffering an economic collapse, which the World Bank ranked among the worst in the world in 150 years, as it is witnessing political, economic, living and health crises that were embodied in the scarcity of foreign currency and the collapse of the Lebanese pound and its loss of 98.5 of its value, in addition to the rise in the poverty rate in the country to 82. % and increased unemployment and inflation and a shortage of fuel, medicine and infant formula.