Lebanon to collect USD116 million in loans to reform nation’s electricity grid

2023-01-19 02:58:58

(MENAFN) Lebanon’s caretaker administration on Wednesday accepted launching credit lines amounting to USD 116 million to reform the nation’s electricity grid.

"An advance of $62 million in favor of the electricity sector has been approved,” Prime Minister Najib Mikati informed a press meeting in the capital city Beirut.

He also stated that an amount of USD54 million has also been collected for reform operations in the nation.

Lebanon’s two major power plants have irregularly broken down and need massive improvements.

On Monday, Lebanese energy Minister Walid Fayad declared an initiative to resolve the nation’s chronic power outages at a price of USD600 million during five months to surge electricity provisions to 10 hours a day.

As of the last 4 years (since 2019), Lebanon has been overwhelmed by a crippling financial crisis that, in line with the World Bank, is one of the nastiest the world has seen in recent times.

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