Lebanon secures $250 million World Bank loan to address power crisis

Lebanon has secured a $250 million loan from the World Bank to address its chronic electricity shortages, a situation worsened by recent conflict and longstanding infrastructure issues. Finance Minister Yassine Jaber announced that the loan is part of a broader $1 billion reconstruction package, with preliminary approval to increase the loan to $400 million. The funds will be distributed across multiple sectors, including electricity, water, agriculture, and social affairs, and will be granted on a concessional basis with a repayment period of up to 50 years. Lebanese officials emphasized the government's commitment to significant reforms, stating these changes are necessary for the country's recovery rather than solely to satisfy international lenders. U.S. and World Bank officials have reiterated the importance of these reforms to revitalize Lebanon. The move comes as Lebanon continues to grapple with a severe economic crisis that has persisted since 2019.