Caretaker Prime Minister Najib Mikati met at the Grand Serail with Minister of Energy Walid Fayad and the Director of the Middle East at the World Bank, Jean-Christophe Carret.
Following the meeting, Minister Fayad discussed the continuation of the World Bank's project, which aims to fund renewable energy and strengthen Lebanon's electricity systems. The project, worth around $250 million, is part of the World Bank's broader strategy focusing on energy, water, and digitization.
Fayad also highlighted progress in critical documents for the project, including the "cash flow management mechanism" prepared by Electricité du Liban (EDL) and approved by the Central Bank.
Moreover, Fayad noted that the plan to recover operational costs, through tariffs and improved efficiency, was emphasized. “This plan is designed to help EDL eventually become self-reliant, reducing its dependence on state support, particularly in fuel supplies from Iraq,” he said.
Fayad added that PM Mikati had signed a letter of commitment to the World Bank's program, aligning with Lebanon's 2022 electricity sector reform strategy. He also mentioned that negotiations on the program will take place next week, with plans to present it to the World Bank board by the end of September.
“Following the board's approval, the agreement will be reviewed by Lebanon’s Government and then submitted to Parliament for ratification, with a target for completion in the fall,” Fayad explained.
Mikati also met with Minister of Labor Mustafa Bayram, with whom he discussed the implementation of the pension law.
Bayram announced the formation of a committee to oversee the law's application, in coordination with the Civil Service Council. He also mentioned ongoing coordination between the Ministry of Labor and the Housing Bank to increase deposit certificates and prioritize loans for repairing homes damaged by Israeli attacks in southern Lebanon.
Prime Minister Mikatis separately met with MP Mohammad Sleiman to discuss general developments and developmental concerns in the Akkar region.
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