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World Bank cancels $224 million loan to Lebanon for Bisri Dam Project

The World Bank has canceled $224 mn loan to the government of Lebanon for the proposed Bisri Dam Project because it failed to fulfil preconditions required before the funds were disbursed

Topics
World Bank  | Lebanon

ANI  |  Middle East 

World Bank
World Bank

The has canceled USD 224 million loan to the government of 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 today notified the Government of (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."

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 had raised these issues with Lebanon since January, as per the release.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sat, September 05 2020. 09:00 IST
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