Finance Minister: Maintaining Financial Stability Must Be Accompanied by Future Planning

Finance Minister Yassine Jaber announced "progress in working with the World Bank to prepare a plan to enhance regional connectivity between Lebanon, Syria, Iraq, and neighboring countries," revealing a "trend towards holding an internal conference in Lebanon next December, involving relevant ministries and the private sector, followed by a regional conference in early 2027 at the invitation of the World Bank."

He revealed work on a concessional loan program for solar energy, particularly for low-income earners, with an initial contribution from the Lebanese Treasury of approximately $20 million and the possibility of securing a similar grant from the World Bank, affirming that "maintaining financial and monetary stability must be accompanied by planning for the future."

Jaber's remarks came following a meeting he held today with a World Bank delegation including Beirut Office Director Enrique Armus, accompanied by a high-level team of experts from various disciplines, who presented updates on progress in studies related to regional connectivity and discussed ways to finance projects and mechanisms for preparing the concessional solar energy loan program.

Prime Minister's Advisor Sate Arnaout attended, along with Director General of Finance George Maawad and advisors Claudine Korki and Zeina Kassem from the Ministry of Finance side.

Jaber said in a statement: "We held a meeting today with a World Bank delegation comprising various specialties. As you know, we began some time ago working with the World Bank on developing a plan for regional connectivity between Lebanon, Syria, Iraq, and the neighboring region. The Bank started preparing a study, or studies, on how to enhance land and air communication, trade, oil pipelines, and other matters we are exploring."

He added: "Progress has been made in this area, and World Bank experts presented several briefings on their findings. There is a trend towards holding an internal conference in Lebanon during next December, inviting various ministries and the private sector to discuss how to move forward with this project. There is also a trend towards holding a regional conference at the beginning of 2027, for coordination between us and neighboring countries, which the World Bank will invite to."

He said: "This is a very important project for Lebanon, relating to how to achieve better integration, communication, and cooperation. During our presence in Bangkok, World Bank President Dr. Banga emphasized that there is a very suitable opportunity, which may not repeat itself, for regional countries to cooperate in creating a new economic zone. The Managing Director of the International Monetary Fund added that this openness and cooperation would push each country's economy forward and achieve growth of no less than 2 percent of its GDP. This is, of course, an ambitious and important project, and we hope to make progress in it in the future."

"As for the second matter we discussed, it is that the Lebanese government decided to provide concessional loans for those wishing to benefit from solar energy in Lebanon, particularly low-income earners. Lebanon has a wealth which is the sun, and we have 300 sunny days a year, and we must benefit from them and gradually free people from dependence on electricity generators."

Jaber noted that "we are currently working on developing a project in which the state contributes, and there will also be a grant from the World Bank, and we will seek to allocate large sums to it. We started today with about $20 million from the Lebanese Treasury, and there may be $20 million from the World Bank, but we aspire to increase these amounts in the future according to demand." He said: "We will put together, in cooperation with the World Bank, a plan for how to spend these funds and grant loans, and we hope that the Parliament will quickly approve the allocations we requested, so that we can start this project as soon as possible."

A dialogue took place with Minister Jaber, where he was asked if the World Bank would participate in financing energy, trade, and other projects, to which he replied: "That is what we were discussing today, of course."

Is there overlap with the "IMC" project? He answered: "Yes, definitely, the IMC is part of that. But I also received the Egyptian Ambassador today and discussed with him, for example, how to achieve more integration between us and Egypt, the possibility of establishing a direct and regular transport line between Beirut and one of the Egyptian ports, and how to enhance trade."

"There are many trade agreements into which Lebanon has entered, including the agreement with the European Union, and the question is: How do we benefit from them more? There is also the Agreement on Facilitation and Development of Trade among Arab Countries, and how to enhance cooperation within its framework and remove obstacles that sometimes hinder the entry of goods."

"Also, we are looking into how to enhance land border crossings. The Minister of Public Works kindly visited the Masnaa crossing a few days ago. So how do we enhance work at border crossings and facilitate it? How do we develop the crossings and ease the passage of goods and people?"

Jaber continued: "Connectivity means facilitating matters between countries and enhancing transport, including expanding the railway network. Today, for example, there is a study for a railway line between Tripoli and Homs. This is very good, but when the line reaches Homs, where does it go after that? If there is not, simultaneously, a plan to link it from Homs to Iraq and the Gulf, we will not have benefited much. Therefore, we need a coordination plan among all countries so that real connectivity and cooperation are achieved."

"When the idea of the European Union and enhanced economic integration began, you remember that one of the first projects implemented, for example, was the tunnel between Britain and France, which greatly facilitated transport. Highways, railways, aviation, all these things enhance cooperation, alongside agreements, openness, and removing obstacles at borders between countries. This is the plan we are working on."

He noted that "conditions in Lebanon are difficult today, but at the same time, we must build for the future, and not just say that the situation is not good now and wonder what we can do." He said: "We are working on maintaining stability in Lebanon, financially and monetarily. About eight months have passed since March 1st, when security events and Israeli attacks began, and thank God the situation remains stable, the Lebanese pound is steady, and all expenses owed to us, such as salaries and others, are paid on time. God willing, we will continue like this, but at the same time, we must work on planning for the future."

Minister Jaber had met with the new Egyptian Ambassador to Lebanon, Tameem Khilaf, in a courtesy visit. It was an occasion during which bilateral relations and ways to benefit from them in various fields were reviewed.

He also received Iraqi Ambassador Mohammed Rida Al-Husseini, and there was a round of discussions on exchange affairs between the two countries.

Minister Jaber received the head of the Parliamentary Economy Committee, Farid Bastani, and the discussion focused on topics related to legislative work and debates on the 2027 budget.