World Bank to double size of local portfolio

Commitment to new projects depends
on Parliament’s approval of current ones

The World Bank is planning to increase the value of its portfolio in Lebanon, in the next four years to reach $2.3 billion, up from the current $1.1 billion.

“The increase will consist of projects in infrastructure and aims to help the poorest regions in the country,” said Hafez Ghanem, Vice President of the World Bank for the Middle East and North Africa, who is currently on an assessment visit to the country.

The World Bank has $550 million worth of projects that are awaiting approval by Parliament. This is half of its current portfolio, according to Ghanem. “I discussed the issue with the Prime Minister. We need to get Parliament’s approval so that we can commit to new ones,” he said.

“We want to increase our investments and aid, especially in this difficult period,” said Ghanem.