A World Bank fund for Tripoli and the North

Fund under consideration will support economic and social goals

The World Bank is considering the creation of a fund to support economic and social conditions in Tripoli and the remaining northern areas.

“We are in a diagnostic phase, where we are just in the process of gathering information about the sectors which need support for growth,” said Haneen Sayed, Program Leader for Human Development, Poverty, Jobs and Gender at the World Bank-Lebanon. “The sectors to be supported should create job opportunities in the short and long terms and we should be aware about difficulties facing these sectors,” she said.

The fund was suggested during the visit of a World Bank delegation to the Chamber of Commerce, Industry, and Agriculture of Tripoli and North Lebanon, yesterday. “We are currently preparing the necessary files and statistics to take decisions about priorities and sectors to be supported and will discuss them in another meeting with the World Bank on May 28,” said the Chamber’s Chairman, Toufic Dabboussi. “Sectors in need of support, for instance, include agricultural products, furniture, and logistics like the Port of Tripoli,” he said.

The size of the suggested fund has not been discussed yet, but Dabboussi estimates the financial needs of Tripoli and northern areas to be at least $1 billion. “Of course, the size of the fund won’t reach this amount, but it is necessary to create a big fund if we want to set a serious plan to cater for the needs of the region.”