$300 million for road, energy
and industrial projects
Financing provided by European
Investment Bank, DEG, Proparco, and Finnfund
The European Investment Bank (EIB) and three other European development finance institutions will provide financing worth $303.5 million for a road rehabilitation project and for energy efficiency and glass manufacturing projects.
“The EIB and the Council for Development and Reconstruction (CDR) signed a financing agreement of EUR151 million ($164.5 million) for the rehabilitation and safety improvements of 900 km of existing primary, secondary and tertiary roads in the country’s 25 districts,” the EIB said.
A grant of nearly $2 million will be provided under EIB’s Economic Resilience Initiative Trust Fund to support CDR in the implementation of the road rehabilitation project.
The EIB and the three other European institutions DEG, Proparco, and Finnfund, will provide $115 million of financing to Lebanon-based IPT Powertech Group to fund the installation of energy efficient infrastructure for new and existing cellular towers. EIB’s share of the financing is $60 million, half of which is allocated for Lebanon, and which will create 250 jobs. IPT Powertech will use the other half for a similar project in Guinea.
The EIB also signed a $24 million financing agreement with Fransabank to support the construction of a Greenfield glass container manufacturing plant. The project will create 620 jobs.
“This project will complement the EIB’s pledge of EUR800 million ($872.4 million) made during the CEDRE Conference in Paris to boost the Lebanese economy,” the EIB said.
Reported by Shikrallah Nakhoul
Date Posted: Oct 01, 2019