World Bank looking to free up emergency funds for Lebanon

8/10/2024 6:44

        The World Bank is looking to free up emergency funds for Lebanon, potentially including up to $100 million through the use of special clauses in existing loan deals, its managing director of operations told Reuters.
        
        The Washington-based development lender currently has $1.65 billion in loans to the country including a $250 million loan approved this week to help connect dispersed renewable energy projects in the country.
        
        Amid fighting across southern Lebanon, the bank was currently discussing ways in which it could help support the economy, including through the use of so-called Contingent Emergency Response Component (CERCs) clauses.
        
        "We can use our existing portfolio and free up some money for really critical, short-term liquidity needs," Anna Bjerde said.