WB Grants Loan to Lebanon, Morocco

Economy & Aftermath

New York, (ST) – The World Bank (WB) recently gave its approval to grant a loan of one billion dollars to finance projects related to drinking water in Lebanon and development of solar energy project in Morocco.

AFP quoted the World Bank as saying that: “The 474 million dollars earmarked for Lebanon to set up infrastructure and water storage in order to improve the process of supplying the areas around Beirut and Mount Lebanon.”

The statement pointed out that “due to the state of existing infrastructure and seasonal desertification especially during the past years and the rapid increase in population, the citizens of these areas do not have access to water, but an average of three hours a day.”

In Morocco, the World Bank also gave its approval to a project worth $ 519 million to increase production capacity of the first complex of solar energy in the country located near Warzazat. The solar complex will provide electricity for1.1 million Moroccan until 2018.

It is supposed that the African Development Bank, the European Commission, the European Investment Bank, the French Agency for Development and the German KFW Company will contribute to the solar complex.

Sharif al -Khatib

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