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World Bank approves $ 300 m extra financing to back vulnerable Lebanese people
The World Bank approved additional financing of $300 million to support poor and vulnerable Lebanese households and further support the development of a unified social safety net delivery system in Lebanon to allow a better response to ongoing and future shocks.
The additional financing will expand and extend the provision of cash transfers to poor and vulnerable Lebanese households and further support the development of a unified social safety net delivery system in Lebanon to allow a better response to ongoing and future shocks.
This new package represents the second additional financing to the Emergency Crisis and COVID-19 Response Social Safety Net Project (ESSN) project (US$246 million) originally approved in January 2021 to help the Lebanon address the impact of the economic crisis and the COVID-19 pandemic on the poor and vulnerable population.
The project already benefited from a first additional financing of $4 million in May 2022. This second additional financing will continue to help Lebanon protect its population from the impact of various crises, as well as help the country develop a targeted and digital social safety net system. Going forward, Lebanon would need to secure the fiscal space needed to finance social protection needs, including social safety nets, over the long term.
“The additional financing will enable the Government of Lebanon to continue to respond to the growing needs of poor and vulnerable households suffering under the severe economic and financial crisis,” said Jean-Christophe Carret, World Bank Middle East Country Director. “The financing will also facilitate the integration of existing SSN programs into a unified SSN program in line with the Government’s vision articulated in the National Social Protection Strategy, and ensure simplification of implementation, reduce fragmentation and duplication, and promote efficiency and effectiveness of SSN spending.”
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