ALBAWABA - With the intent of providing urgent support to Lebanese individuals who have been displaced as a result of recent Israeli aggressions on the country's South, the World Bank stated on Thursday that $250 million will be redirected to emergency aid for Lebanon.
EU commits €1 Billion for Lebanon to aid with unregulated immigration and refugee situationAccording to the statement, the emergency funds, which was originally intended to encourage the development of renewable energy sources, would be delivered in close conjunction with the development and humanitarian aid partners of the World Bank, as AFP reports.
The statement issued by the multinational organization located in the United States reads “The World Bank is activating emergency response plans to be able to repurpose resources in the portfolio to respond to the urgent needs of people in Lebanon.”
More than 1,000 people have been killed during the Israeli air-and-ground attack on the south and east of Lebanon since September 23, according to AFP. The strikes have expanded to reach the capital city of Beirut, as Israel says that it is attempting to hamper the strongholds of the resistance.
The European Bank for Reconstruction and Development (EBRD) said in a study that was released last week that Lebanon has lost more than 40 percent of its gross domestic product (GDP) since 2018. as the country experiences terrible economic circumstances and sky-high inflation since prior to the most recent conflicts.
Initially, the World Bank initiative that is being diverted from its original purpose was supposed to strengthen Lebanon's power infrastructure by making it more self-sufficient and establishing renewable energy technologies.
“This would include emergency support to displaced people that could be deployed through a digital platform the World Bank helped put in place during the Covid epidemic,” the statement added.
