EUR500 million in loans and grants promised for Lebanon
Prime Minister Rafik Hariri secured this week from his meeting in France with President Jacques Chirac, the World Bank president and European Union officials EUR500 million ($458 million) to back-up the government’s financial policy and privatization program.
Hariri announced that Lebanese officials would meet the agencies at a later date to discuss the details of the aid, which will constitute around $150 million in grants and $310 million in soft loans. Chirac’s office stated that the meeting allowed Hariri “to present in detail his government’s financial and economic policies” and added that the program of privatization along with promotion of foreign investments, ease of customs barriers, and fight against money laundering will help Lebanon secure renewed economic growth. — ( Banque du Liban et d'Outre-Mer Sal )
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