World Bank Infuses Lebanon with $200 Million Boost to Combat Poverty

The World Bank approved $200 million in new financing to assist Lebanon in addressing the basic needs of its impoverished population. The initiative will provide cash transfers and increase access to opportunities and services, as part of a broader package aimed at economic recovery post-2019 collapse.

The World Bank announced on Tuesday the approval of $200 million in new financing aimed at aiding Lebanon as it grapples with widespread poverty following its 2019 economic collapse.

This crisis has pushed the majority of the population below the poverty threshold, with the local currency plummeting in value and many unable to access their savings in commercial banks. Ranked as one of the worst global economic collapses since the mid-19th century, the World Bank has stepped in previously with support and has now pledged an additional $200 million to bolster these efforts.

The funds will be used to provide cash transfers to Lebanon's impoverished families and to enhance access to economic opportunities and essential social services. Special focus will be placed on supporting women, youth, and vulnerable groups. This initiative is part of a larger package which also includes $150 million designated for a digital acceleration project, designed to improve access to government services and foster a secure digital business environment.

(With inputs from agencies.)