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EIB giving 151 million euros for safer roads in Lebanon

Christian Fernsby ▼ | September 30, 2019
The European Investment Bank (EIB) and the Council for Development and Reconstruction (CDR) signed a financing agreement of EUR 151 million for the rehabilitation and safety improvements of 900 km of existing primary, secondary and tertiary roads in the country’s 25 districts.
European Investment Bank
Africa   European Investment Bank
The EIB financing which comes under the Economic Resilience Initiative (ERI) will contribute to creating substantial direct and indirect jobs, lowering vehicle operating costs, and improve road safety and maintenance costs.

Topics: EIB Ghana road

“I am pleased to sign a new project that supports strategic infrastructure in Lebanon. Reliable and safe road networks are essential for trade and access to markets. It is an essential component of the overall business environment in the country.

“EIB is keen to support Lebanon through the provision of resilient infrastructure to foster economic growth and employment,” commented Dario Scannapieco, Vice President of the European Investment Bank on the signature.

The project will benefit from a EUR 1.8 million grant under the Economic Resilience Initiative trust Fund (ERIF) to support CDR in the implementation of the proposed project.

An investment grant of EUR 20 million from the EU’s Neighbourhood Investment Platform (NIP) was approved in the first semester of 2019 to make the financial package even further concessional.