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bankingSeptember 9, 2021

Lebanon working with World Bank to fund power supply

Lebanese caretaker energy minister said Beirut is working with the World Bank to secure financing for a scheme to import Egyptian gas to Jordan that will generate power to supply Lebanon, Reuters reported.

'We are working with the World Bank to cover the correct financial cover,' Raymond Ghajar told a news conference after meeting his Jordanian, Syrian and Lebanese counterparts.

The meeting was to discuss a US-backed plan to ease Lebanon's power crisis which involves using Egyptian gas to generate power in Jordan that would be transmitted via Syria.

Lebanon is in the throes of a deep economic meltdown that is threatening its stability. The World Bank has called it one of the deepest depressions of modern history.