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The World Bank approved a $300 million loan to aid the underprivileged in Lebanon

The World Bank has approved a massive $300 million financing package to help Lebanon meet its needs of the most vulnerable population affected by the ongoing crisis. The package is part of a larger package of measures to help Lebanon cope with the economic and social pressures stemming from the protracted conflict and economic downturn.

The package will be funded through two loans of $150 million each—one from the International Bank for Reconstruction and Development (IBRD) and one from the International Development Association (IDA).

The IBRD loan will be used to support the government’s efforts to boost economic and social stability in the country by reinforcing fiscal and debt sustainability. The loan will also help create jobs and build safety nets for the most vulnerable through targeting cash transfers, healthcare services, education, and improved access to decent housing and water.

The IDA loan is expected to finance social service programs to strengthen the country’s public health systems, improve access to services for vulnerable groups, and help address the COVID-19 pandemic.

The $300 million package will be provided in support of the Lebanese government’s “Lebanon-wide Resilience Plan” to address economic and humanitarian challenges quickly and effectively. The plan is part of a comprehensive set of actions to move Lebanon toward sustainable recovery and reform.