Lebanon received more than $11 billion between loans and grants at the CEDRE conference last week, in a bid to support development projects and reforms in the country. We were looking for investments between $16 and $17 billion for Phase I and Phase II of the Capital Investment Program (CIP) that was being presented, so the outcome is rather positive and exceeded expectations. However, these billions don’t really mean anything and will only increase our debts if major reforms are not put in place.
Here’s the list of international donors with their corresponding amounts:
France: 550 Million Euros (out of 150M is a grant)
United States: A grant of 115 Million Dollars
UK: 60 Million Pounds
Saudi Arabia: Renewal of a previously pledged $1 billion credit line.
Qatar: 500 Million Dollars
Kuwait: 180 Million Dollars
Netherlands: 200 Million Euros
Germany: 60 Million Euros
Italy: 120 Million Euros
Turkey: 200 Million Dollars
European Union: A grant of 150 Million Euros
World Bank: 4 Billion Euros
European Bank for Reconstruction and Development: 800 Million Euros
Kuwait Fund for Arab Economic Development: 500 Million Dollars
European Bank: 1.1 Billion Euros
Islamic Development Bank: 750 Million Dollars
Arabic Bank for Development: 500 Million Dollars
Now we wait and see if this will truly be the first step towards modernizing the Lebanese economy and renovating its infrastructure, or if it will end up being another failed conference and plunge the country into a deeper economic crisis.