EIB Supports Lebanon Infrastructure Development

EIB supports water and road infrastructure in Lebanon European Investment Bank (EIB) vice president Philippe de Fontaine Vive has just returned from his trip to Lebanon at the bequest of Fouad Siniora.

During the trip de Fontaine Vive inaugurated EIB loan beneficiary the Tripoli wastewater treatment plant, and signed a further loan of 70 million Euros to assist the development of new water treatment facilities in the Kerswan region.

He also took part in the laying down of the foundation stone the proposed west ring road in Tripoli, another EIB loan recipient.

The EIB and the Facility for Euro-Mediterranean Investment and Partnership (FEMIP), its Mediterranean division, plan to create an investment-friendly environment, by supporting the development of efficient infrastructures, which it hopes will also improve quality of life in Lebanon. Aims for which the EIB pledged 960 million at the Paris III conference on the reconstruction and development of Lebanon in 2007.

The new loan in favour of water infrastructure in the Kesrwan region will improve sanitation services to a densely populated and touristic region. It will prevent untreated water from being discharged into the sea. It is included in the priority list of projects H2020 for Lebanon and is part of the National Action Plan for pollution reduction in connection with the Barcelona Convention.

The Kerswan loan is perhaps the most important, because it will improve sanitation in what is a densely populated area, as well as stopping the discharge of untreated water into the sea. As part of the National Action Plan for Pollution, these two aims are priority projects under the Barcelona Convention. As such the European Commission has made a further 4 million Euros available for technical assistance of the Kerswan facility, whereby international experts ensure the sustainable running of the west infrastructure and proper management of the project in its early years of operation.

Philippe de Fontaine Vive said: "I am very pleased to see our past loans take shape and serve their purpose, while also being able to maintain FEMIP's continuous support to Lebanon."

Lebanon is widely thought to be a major property investment hot-spot of the future. The development of infrastructure projects like this will be a big help towards this aim.