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World Council for the Cedars Revolution

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Oct 23rd
Home arrow News Content arrow Blog arrow Blog Items arrow US and Western Governments arrow Lebanon receives $75 million US grant to pay off World Bank
Lebanon receives $75 million US grant to pay off World Bank PDF Print E-mail
Written by Daily Star - US Embassy Press Release   
Saturday, 01 September 2007

Jihad Azour - Jeffrey Feltman
Jihad Azour - Jeffrey Feltman

BEIRUT: Lebanon received on Friday a $75 million grant from the United States as part of a $250 million cash transfer, which itself is a part of a $300 million pledge to help the Lebanese government tackle its massive public debt and implement reforms. Under the watchful eyes of US Ambassador Jeffrey Feltman, USAID mission director Raouf Youssef signed the loan agreement with Finance Minister Jihad Azour at the Grand Serail. 

Under the agreement, the US government will provide the funds to the government of Lebanon, enabling Lebanon to reduce its external debts and pursue economic reforms. These are outlined as the government of Lebanon's priorities at the friends of Lebanon Conference in Paris on January 25, 2007.

Azour told reporters the $75 million grant will be used to pay off a loan to the World Bank.

"The first batch of the money has been executed today based on a set of reform measures that were implemented earlier," Azour said.

Responding to a question, the minister said the $75 million will be used directly to extinguish part of the public debt and will not be used for spending puropses.

He added that the government is determined to maintain economic and monetary stability and implement all reforms that were agreed during Paris III conference.

The US Embassy said that the agreement is a result of the long-term partnership between the United States and Lebanon, adding that it embodies the United States' commitment to assisting Lebanon achieves stability and prosperity.

A US Embassy statement said the US Agency for International Development (USAID) will carry out the agreement on behalf of the US government.

Youssef, meanwhile, said out of the $300 million pledge, nearly $50 million will be used to carry out development projects throughout the country.

He added that the US will also provide Lebanon with military assistance.

Feltman said the US contribution to the Lebanese Army reached $321 million.

He added that this year the United States provided Lebanon $270 million worth of military equipment and training. - The Daily Star

Daily Star staff
Saturday, September 01, 2007

http://www.dailystar.com.lb/article.asp?edition_id=1&categ_id=3&article_id=84967

http://www.dailystar.com.lb/printable.asp?art_ID=84967&cat_ID=3

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Press Releases - US Embassy Beirut Lebanon

United States and Lebanon Sign $75 Million Agreement to Support Lebanon’s Economic Reforms
August 31, 2007

U.S. Ambassador Jeffrey Feltman and USAID Mission Director Raouf Youssef participated in a ceremony with Minister of Finance Jihad Azour to sign a $75 million grant agreement on August 31, 2007, to support Lebanon’s economic reforms.

The agreement is part of a planned $250 million cash transfer to Lebanon. Under the agreement, the U.S. Government will provide the funds to the Government of Lebanon, enabling Lebanon to reduce its external debts and pursue economic reforms. These are outlined as the Government of Lebanon’s priorities at the friends of Lebanon Conference in Paris on January 25, 2007.

The agreement is a result of the long-term partnership between the United States and Lebanon. It embodies the United States’ commitment to assisting Lebanon achieve stability and prosperity.

The U.S. Agency for International Development (USAID) will carry out the agreement on behalf of the U.S. Government. USAID has worked in Lebanon since 1951, funding development projects to benefit Lebanese citizens. In Lebanon, USAID creates jobs, invests in youth and protects the environment. With funds from the American people, USAID provides $40 million in assistance a year, working in partnership with Lebanese and U.S. organizations. USAID’s work reflects the strong friendship between the Lebanese and American people. For more information about USAID’s projects in Lebanon, visit USAID’s website www.usaidlebanon.org.lb.
 
http://beirut.usembassy.gov/lebanon/PRAID083007.html



 
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