Lebanon Businessnews News

$400 million from World Bank
for highways and education
500 kilometers will be

restored in all regions

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Two agreements have been signed for World Bank financing of the Roads and Employment Project, and for Reaching All Children with Education 2 (RACE 2) program. The agreements were signed by the Ministry of Finance, the World Bank, and Council for Development and Reconstruction (CDR).

The first agreement has a value of $200 million. Around $150 million of the roads project will be provided through a loan, and the other through the Concessional Finance Facility (CFF).

The proposed World Bank and CFF‐funded road project will support the first phase of the government’s roads program that had already been decided. This first phase, estimated at $300 million, is planned to be executed during three years. It will focus on: The rehabilitation and maintenance of existing roads, including road safety improvements, the purchase of equipment for emergency roads works, and capacity building in the sector. The overall project in all its phases will cost $510 million.

The project will include a survey of most primary, secondary, and tertiary roads in all regions, reaching up to 6,000 km, to identify those in most need for rehabilitation.

World Bank Regional Vice President Hafez Ghanem said: “The Roads and Employment project aims to develop the transport sector and restoring around 500 kilometers of roads.”

The project is expected to create about 1.5 million labor days of direct short‐term jobs in the construction industry, most for low-skilled locals and Syrians.

“It will improve access to jobs, services, and markets,” he said.

The second agreement is worth $204 million. Half of which is a grant, and the other a subsidized loan.

RACE 2 program will allow 100,000 additional locals and Syrian refugee children aged three to 18 years old to benefit from access to education. The program also aims to enhance the quality of education services through tailored training for teachers and strengthening education systems.
Reported by Yassmine Alieh
Date Posted: Jun 22, 2017
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