Lebanon signed a $250 million loan agreement with the World Bank on Tuesday to begin repairing infrastructure damaged by Israeli airstrikes since October 2023, marking the first step in a broader reconstruction effort.
Finance Minister Yassine Jaber signed the deal with World Bank regional director Jean-Christophe Carret in Beirut, in a ceremony attended by Energy Minister Joe Saddi, Public Works Minister Fayez Rasamny, Council for Development and Reconstruction (CDR) head Mohammed Kabbani, along with French and UN representatives.
Jaber said the loan forms the cornerstone of a planned $1 billion reconstruction fund. “This is a first step, which we hope will be followed by grants and donations rather than more loans,” he told reporters, noting Iraq’s $20 million contribution and France’s pledge of €75 million.
The program, known as the Lebanon Emergency Assistance Project (LEAP), will be managed by the CDR under government and World Bank supervision. Carret said it provides “a flexible national framework” to attract further international support while ensuring transparency and efficiency.
The loan will finance the first phase of the project over 18 to 24 months, covering repairs to roads, power and water networks, schools, and hospitals. It also aims to facilitate the return of displaced families, reopen institutions, protect jobs, and restore essential services. “This is not only a reconstruction project but also a foundation for sustainable and climate-resilient recovery,” Carret said.
Parliament must now approve the loan in the coming days for work to begin.
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