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$400 million WB loan to create jobs opportunities in Lebanon
29-6-2018
The World Bank Group announced in a statement yesterday that it has approved a new project, “ Creating economic opportunities in support of the Lebanon National Jobs’ which aims at enhancing economic opportunities for vulnerable groups, particularly women and youth. The USD 400 million initiative seeks to strengthen the local economy and create jobs across Lebanon in areas that have been impacted by the influx of Syrian refugees and by a stagnant economic growth. The package is expected to create some 52,000 permanent jobs and up to 12,000 short term employment opportunities. It covers a USD 70 million grant from the Global Concessional Financial Facility and a USD 330 million soft loan. The loan carries an interest rate of 1.71% repayable over 22 years with a year grace period. The WB statement pointed out that the project is implemented under a set of targeted results that have been finalized in consultation with the government of Lebanon. It is anticipated to expand economic opportunities, specifically in disadvantaged areas all over the country, and will provide jobs for the Lebanese as well as temporary employment for displaced Syrians in line with relevant laws governing their presence on Lebanese territory. (Al Mustaqbal, June 29, 2018)
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- العربية
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