Lebanon secures initial World Bank approval for $400M loan

Lebanon’s Finance Minister Yassine Jaber announced preliminary approval to increase a World Bank reconstruction loan from $250 million to $400 million during a meeting in Washington. The expanded financial package will include allocations for electricity, water, agriculture, and social affairs, with loans offered on concessional terms over a repayment period of up to 50 years. Amid ongoing economic crises and calls for reforms, Jaber emphasized the Lebanese government’s commitment to necessary changes for the nation’s recovery, while tensions regarding Hezbollah’s disarmament have escalated following comments from Iran’s ambassador.