Lebanon has concluded 22 cooperation agreements with Saudi Arabia to bolster economic ties ahead of a high-level visit. The agreements, which encompass various sectors, are pivotal for attracting international aid to Lebanon’s economy. Furthermore, an independent fund for reconstruction and a potential French conference highlight Lebanon’s strategy to enhance credibility with donors and facilitate recovery efforts.
Lebanon has successfully completed 22 cooperation agreements with Saudi Arabia, thereby laying the groundwork for a significant high-level visit scheduled for next month to enhance economic relations. According to Lebanese Deputy Prime Minister Tarek Mitri, the delegation may be led by either President Joseph Aoun, Prime Minister Nawaf Salam, or both.
This progress follows Saudi Crown Prince Mohammed bin Salman’s meeting with President Aoun at Al-Yamamah Palace on March 3, which marked Aoun’s first official foreign visit. Their discussions focused on Lebanon’s current crises and broader regional issues.
The agreements encompass a variety of sectors, including agriculture and intellectual property, identified as essential for attracting wider international support for Lebanon’s struggling economy. Deputy Prime Minister Mitri emphasized the importance of reassuring Arab nations and the international community, stating that Saudi Arabia’s backing is crucial for unlocking additional aid. He confirmed that all 22 agreements are prepared and awaiting signatures.
Upon his arrival, Aoun expressed optimism that his discussions with the crown prince would lead to a subsequent visit aimed at signing various cooperation agreements between the two countries. The agreements will also cover consumer protection, environmental management, and sectors related to civil aviation and banking, as reported by Rabih El-Amine, chairman of the Lebanese Executives Council.
Mitri also indicated that Lebanon is establishing an independent fund—distinct from governmental organizations managing refugee matters—collaborating with international entities to oversee post-war reconstruction initiatives, thereby enhancing credibility among potential donors. This initiative follows the recent Hezbollah-Israeli conflict and aims to demonstrate Lebanon’s commitment to recovery.
The World Bank, in a report commissioned by the Lebanese government, estimates that the country requires approximately $11 billion for reconstruction efforts. It assessed the damage across ten critical sectors and projected the necessary public funding for infrastructure repairs at $3 billion to $5 billion. In addition, housing, trade, industry, and tourism would necessitate private investments ranging from $6 billion to $8 billion.
Furthermore, Mitri noted that France has shown interest in hosting a conference to support Lebanon’s recovery. Discussions among French officials on preparatory meetings or a comprehensive single event are underway, although no specific date has been organized as of yet. This conference aims to facilitate humanitarian assistance and reconstruction, while a separate event focused on investments seeks to engage international stakeholders.
In conclusion, Lebanon’s finalization of 22 cooperation agreements with Saudi Arabia signals a pivotal enhancement in bilateral economic relations. As Lebanon aims to secure international support for its recovery efforts following significant crises, these agreements are deemed essential. Notably, the establishment of an independent fund and the predicted conference by France are vital steps toward attracting necessary investments for reconstruction. Ultimately, these developments signify Lebanon’s proactive approach in addressing its economic challenges.
Original Source: www.arabnews.com
