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Friday, November 1, 2024

World Bank redirects $250 million for emergency aid to Lebanon

The World Bank has announced the redirection of $250 million in emergency aid to Lebanon from funds originally earmarked to promote renewable energy in the country.

Since September 23, more than 1,000 people have been killed in Israel’s air and ground campaign against Lebanon, which has targeted the Hezbollah militant group in the south and east of the country, with strikes also including the capital Beirut.

Since the start of the bombing, thousands of people have been displaced and the funds will be used to provide aid to that population, the World Bank said.

Hezbollah has been engaged in a cross-border exchange of fire with Israel since October last year, when its Palestinian ally Hamas carried out an unprecedented attack that sparked Israel’s war in Gaza.

The World Bank program from which the funds were diverted was originally intended to strengthen Lebanon’s electricity system by increasing its self-reliance and developing renewable energy systems.

Lebanon, which faced difficult economic conditions and high inflation even before the latest hostilities, has lost more than 40% of its GDP since 2018, the European Bank for Reconstruction and Development (EBRD) said in a report last week.

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