NNA – Finance Minister, Yassine Jaber, and World Bank Regional Director Jean-Christophe Carret signed a landmark $250 million loan agreement aimed at overhauling Lebanonrsquo;s ailing electricity sector, a move both officials hailed as a pivotal step toward long-overdue reforms.

quot;This loan represents a strong boost to the structural reforms Lebanon is implementing in the electricity sector,quot; said Jaber, noting that the country has waited years to implement regulatory frameworks and activate a long-stalled oversight body. quot;We are finally making real strides toward transforming how this sector is managed.quot;

Carret described the agreement as a quot;turning pointquot; in the World Bankrsquo;s partnership with Lebanon and its first International Bank for Reconstruction and Development (IBRD) loan for Lebanonrsquo;s power sector. quot;The loan will help deliver cleaner, more reliable, and financially sustainable electricity services,quot; Jaber said, underlining its strategic alignment with the governmentrsquo;s broader reform commitments.

Key components of the project include the establishment of a new national control center, upgrades to accounting and billing systems at Eacute;lectriciteacute; du Liban, and the development of scalable solar energy farms, with the first phase expected to generate 150 megawatts and save $40 million annually in fuel costs.

Minister Jaber expressed gratitude to Carret and other World Bank partners for their support, especially at a time when Lebanon is in urgent need of external assistance to stabilize and recover.

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