(MENAFN) Lebanese Finance Minister Yassine Jaber signed a $257.8 million loan agreement on Friday with World Bank Regional Director Jean-Christophe Carret to support the Greater Beirut Water Supply Second Project, which is expected to improve water access for 1.8 million people.

In a statement issued by the Finance Ministry, Jaber acknowledged the World Bank's contribution in accelerating multiple loans for Lebanon.

"Today, we are signing a water project agreement that includes building tunnels to transport water to Greater Beirut, alongside other network improvement works," he said.

Jaber noted that this initiative is one in a series of upcoming financial agreements.

"Next week, we'll submit a loan for agricultural projects and small-scale farmer support to parliament. We're also working on loans for social assistance, technology, and most importantly a reconstruction fund for infrastructure damaged by the recent war," he stated.

Carret explained that the funding, which was approved by the World Bank Board of Executive Directors in January, is designed to "increase water supply coverage for 1.8 million residents in Greater Beirut and Mount Lebanon, significantly reducing reliance on expensive private water tankers, which cost 10 times more."

He added that the project will enhance water quality and promote essential reforms in the water sector, aiming for greater sustainability and efficiency. Carret also expressed optimism about rapid parliamentary approval and project rollout.

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