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Press release H. Kavvadia
2007-005 EN
Luxembourg, 25 January 2007
LEBANON: EIB pledges EUR 960 million for reconstruction
and reforms
EIB President Philippe Maystadt announced today at the
“PARIS III” International Conference on Support for
Lebanon that the Bank will fund the recovery,
reconstruction and reform plan drawn up by the Lebanese
Government to the tune of EUR 960 million over the next
5 years by financing key projects under the Public
Investment Programme, supporting both private sector
activity and public investment.
“We are sending a clear signal of confidence in
Lebanon”, President Maystadt said. “This amount is three
times total EIB finance in the country over the past six
years, marking a massive commitment by the Bank to
assisting Lebanon at this critical juncture”. In all
areas, the EIB will work closely with the European
Commission, bilateral European development agencies such
as AFD and KfW and IFIs such as the World Bank. The
funding will be provided under the Bank’s Facility for
Euro-Mediterranean Investment and Partnership (FEMIP).
With EUR 400 million in support of priority
infrastructure projects the Bank will continue its
commitment to the transport, wastewater and energy
sectors, encouraging the necessary sectoral reforms.
Additionally, technical assistance grants will
facilitate the preparation and implementation
privatisation programmes.
EUR 560 million of new financing will be channelled into
underpinning the private sector in tandem with local
banks by means of innovative structures such as debt
securitisation and the financing of private investment
under public-private partnerships (PPPs). In addition,
the EIB will foster the development of a venture capital
market supporting Lebanese companies. This type of
financing will also act as a catalyst and help to
increase the inward flow of funds into Lebanon and the
region.
Mr Philippe de Fontaine Vive, EIB Vice-President in
charge of FEMIP, commented: “I can confirm that that EIB
has exceeded the EUR 300 million pledged at Paris II to
support investment in transport, water and sanitation
infrastructure and private sector development. This EUR
960 million package demonstrates the EIB’s strong
commitment to assisting Lebanon in its drive for
reconstruction and growth”.
CONTACTS:
For further information please contact
Ms Helen Kavvadia,
tel.: +352 4379 3134
email:
kavvadia@eib.org
For information on the EIB’s activities, visit the
Bank’s website:
www.eib.org/femip |
