Lebanon has finalized 22 agreements with Saudi Arabia, enhancing economic cooperation ahead of a significant high-level visit. The discussions include vital sectors and aim to secure international aid for Lebanon’s economy. An independent fund for reconstruction is being established alongside an upcoming conference in France to support recovery efforts.
Lebanon has concluded 22 cooperation agreements with Saudi Arabia, paving the way for a significant high-level visit next month intended to enhance economic relations. The upcoming delegation could potentially be led by either President Joseph Aoun or Prime Minister Nawaf Salam, as indicated by Deputy Prime Minister Tarek Mitri during an interview with Asharq.
These developments follow a meeting between Saudi Crown Prince Mohammed bin Salman and President Aoun at the Royal Court on March 3, which marked Aoun’s inaugural foreign visit since his inauguration, where discussions centered on Lebanon’s ongoing crisis and surrounding regional issues.
The freshly established agreements span diverse sectors, from agriculture to intellectual property, and are critical for obtaining additional international aid to support Lebanon’s ailing economy. Mitri emphasized the need to earn the trust of Arab nations and the global community, underscoring the importance of Saudi Arabia’s backing in unlocking further assistance.
Rabih El-Amine, Chairman of the Lebanese Executives Council, detailed that the agreements encompass various sectors including consumer protection, environmental management, and water resources. Furthermore, he noted significant collaborations involving the Ministry of Information, the General Directorate of Civil Aviation, and Banque du Liban.
In a strategic move, Mitri announced Lebanon’s initiative to establish an independent fund, distinct from existing government entities managing refugee concerns, in cooperation with international organizations. This initiative aims to enhance credibility with potential donors, particularly in light of the recent Hezbollah-Israeli conflict.
A World Bank report, commissioned by the Lebanese government, estimates a requirement of approximately $11 billion for the country’s recovery and reconstruction. This report evaluates damages across ten key sectors, suggesting that infrastructure repairs alone could demand $3 to $5 billion in public sector financing, while private investments in housing, trade, industry, and tourism could reach $6 to $8 billion.
Mitri mentioned that France has shown willingness to host a conference to aid Lebanon’s recovery efforts. French officials are considering either preparatory meetings leading to a single event or organizing multiple sessions, although no specific date has been finalized. The conference will focus on humanitarian aid and reconstruction, while a separate investment-oriented gathering aims to draw international participants.
In summary, Lebanon is poised to strengthen its economic relations with Saudi Arabia through the finalization of 22 cooperation agreements. This strategic move comes amid efforts to secure international assistance for the country’s struggling economy. The establishment of an independent fund for reconstruction and the potential for an international conference in France further highlight Lebanon’s commitment to recovery. Overall, these developments signify a pivotal moment in Lebanon’s pursuit of stability and growth.
Original Source: www.arabnews.com
