Lebanon: EIB grants 125 million for highway and clean energy

Expected also technical assistance from EU Commission

08 January, 17:39

(ANSAmed) - BRUSSELS, JANUARY 8 - The European Investment Bank (EIB) has signed two loans of a total of 125 million with Lebanon for the rehabilitation and widening of the A1 highway connecting Beirut to Tripoli and to support private sector investments in energy efficiency and renewable energy.

A loan of 75 million have been allocated to ''Lebanese Highways II'', for the upgrade of 10.3km of an existing coastal motorway , between Nahr-El-Kaleb/Dbayeh (some 20km north of Beirut) and Tabarja. The project also entails the upgrading of two major intersections in the adjoining neighbourhoods of Beirut: the Kouarantina Westbound Exit Ramp (KWER) and the Ministry of Power and Water (MOP&W or El-Mawared) overpass.

The purpose of the project is to tackle the major congestion problems in North Beirut and Beirut city as the project corridor is the main entrance from the north and Mount Lebanon to the capital. Another loan of 50 million will support the financing of renewable energy and energy efficiency investments carried out by private companies in Lebanon. The EIB funds will be managed by the Lebanese Central Bank, Banque du Liban.

This project will support small scale investments by the private sector in the energy efficiency and renewable energy throughout Lebanon. In addition, the project is expected to benefit from a grant of up to 4 millions for Technical Assistance for project implementation and capacity building from the Neighbourhood Investment Facility (NIF) managed by the European Commission. (ANSAmed)
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