Donors pledge USD 11.8 bln to Lebanon – Macron

PARIS, French President Emmanuel Macron said Friday donors at Cedar conference for supporting Lebanon pledged around USD 11.8 billion, mostly in low-interest loans, to support economy and stability.

Macron, addressing the conference’s final session, said preserving Lebanon’s stability was vitally important and that France was keen on creating circumstances for peace in the Middle East.

“There are more than three million refugees living in difficult conditions in Lebanon, so we need to support it address the refugee crisis,” he said.

He said the Lebanese government was committed to reforms.

Lebanese Prime Minister Saad Hariri said Beirut established new partnership with the international community to generate growth and create jobs.

“This conference does not end today, but it is the beginning of a process to revitalize our economy, rehabilitate our infrastructure and unleash potentials of the private sector to achieve sustainable growth and create jobs for the Lebanese,” he said.

Kuwait Fund for Arab Economic Development (KFAED) pledged a loan worth USD 500 million over five years.

The World Bank announced it would over a USD four billion loan over five years, while the European Bank for reconstruction and development offered USD 1.3 billion in loans over six years.

The European Union donated USD 184 million, and said it might consider USD 1.5 billion funding for feasible projects.

European countries, the US and organizations also offered USD hunders of million in loans to Lebanon.

Source: Kuwait News Agency