Lebanon has concluded 22 cooperation agreements with Saudi Arabia, ahead of a high-level visit next month possibly led by President Aoun or Prime Minister Salam. These agreements span various sectors and aim to enhance economic ties while attracting international aid. An independent fund for reconstruction is also being established, with a World Bank report indicating the need for $11 billion for recovery efforts.
Lebanon has recently finalized 22 cooperation agreements with Saudi Arabia, setting the foundation for a high-level visit slated for next month. This visit may be led by President Joseph Aoun, Prime Minister Nawaf Salam, or potentially both, as indicated by Lebanese Deputy Prime Minister Tarek Mitri during an interview with Asharq. These agreements aim to enhance economic ties and facilitate further international support for Lebanon’s struggling economy.
The signing of these agreements follows a meeting between Saudi Crown Prince Mohammed bin Salman and President Aoun at Al-Yamamah Palace on March 3. During this meeting, they engaged in discussions regarding Lebanon’s ongoing crisis and pertinent regional issues. Mitri asserted that the 22 agreements are fully drafted, covering crucial sectors such as agriculture, intellectual property, consumer protection, and environmental management, which are essential for attracting broader international aid.
Rabih El-Amine, chairman of the Lebanese Executives Council, noted that the agreements also involve the Ministry of Information, General Directorate of Civil Aviation, and Banque du Liban. Furthermore, Mitri shared that Lebanon is establishing an independent fund for post-war reconstruction, distinct from government bodies managing refugee matters. This initiative is aimed at increasing credibility with donors following the recent Hezbollah-Israeli conflict.
According to a World Bank report commissioned by the Lebanese government, Lebanon requires an estimated $11 billion for recovery and reconstruction efforts. The report projects that $3 billion to $5 billion in public sector funding would be needed for infrastructure repairs, while private investments in housing, trade, industry, and tourism are estimated at $6 billion to $8 billion.
Mitri also mentioned that France has expressed a willingness to host a conference to support Lebanon’s recovery. Although no specific date has been scheduled, French officials suggested preparatory meetings or potentially combining these into a single event, which would focus on humanitarian aid and reconstruction alongside a separate initiative aimed at attracting international investments.
In conclusion, Lebanon’s finalization of 22 cooperation agreements with Saudi Arabia marks a significant step towards strengthening economic ties and securing international support. The readiness of these agreements, along with the establishment of an independent reconstruction fund, showcases Lebanon’s commitment to recovery following recent crises. Additionally, the forthcoming French-hosted conference may further foster international collaboration for Lebanon’s economic revitalization.
Original Source: www.arabnews.com
