World Bank redirects $250 million of development funding to aid Lebanon

The World Bank has announced the redirection of hundreds of millions of dollars of funds from a development project to emergency aid for Lebanon, as Israel’s bombardment and invasion continues to displace hundreds of thousands in the country.

In a statement on Thursday, the World Bank announced that it “is activating emergency response plans to be able to repurpose resources in the portfolio to respond to the urgent needs of people in Lebanon”.

The multilateral institution currently has $1.5 billion etched out for funding towards a variety of development programs in Lebanon. $250 million of that amount was initially intended to be allocated to promoting renewable energy in the country, but will now be redirected to providing emergency aid within the country.

“This would include emergency support to displaced people that could be deployed through a digital platform the World Bank helped put in place during the Covid epidemic”, the statement added.

The World Bank’s contribution is the latest significant sum to be granted to Lebanon and its population in response to Israel’s bombardment of many areas in the south, east, and capital of the country over the past week, killing over 1,000 and displacing hundreds of thousands as they flee further north.

In the same vein, the European Union this week also announced a further €30 million ($33 million) to Lebanon.

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