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bankingFebruary 24, 2021

Parliamentary Committees OK $246M World Bank Loan Agreement

The parliamentary committees on Tuesday approved a World Bank loan agreement worth $246 million and dedicated to supporting the country’s poorest and most vulnerable families and the Covid-19 response plan.

Speaking after the session, the head of the finance and budget committee MP Ibrahim Kanaan said “the agreement was approved, in principle, after taking the reservations of all parliamentary blocs and MPs into consideration.”

Parliament is yet to formally approve the agreement in a plenary session.

Hizbullah MP Hassan Fadlallah meanwhile said that his bloc’s stance last week in a meeting for the parliamentary committees has saved $10 million from the loan’s value.

“This means that monitoring and inspection can achieve results,” he noted.

“We said that we want the loan, but according to the priorities specified by the state, our national regulations and the interest of the people who will benefit from the assistance,” Fadlallah added.