World Bank cancels loan to Lebanon for Bisri Dam Project

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Representative Image

Washington [US], September 5 (ANI/Sputnik): The World Bank has canceled USD 224 million loan to the government of Lebanon for the proposed Bisri Dam Project because it failed to fulfil preconditions required before the funds were disbursed, the organization said in a press release.
"The World Bank today notified the Government of Lebanon (GOL) of its decision to cancel the undisbursed funds under the Water Supply Augmentation Project (Bisri Dam Project) due to non-completion of the tasks that are preconditions to the commencement of construction of the Bisri Dam," the release said on Friday.
"The canceled portion of the loan is USD 244 million and the cancellation is effective immediately."
Lebanon failed to meet the Friday deadline to finalize the Ecological Compensation Plan and to mobilize a contractor at the dam project worksite, the release said. The government also failed to finalize operation and maintenance arrangements by August 24.
The World Bank had raised these issues with Lebanon since January, as per the release. (ANI/Sputnik)