November 12, 2021
1 min read

Lebanon launches $25mn fund to support the recovery of targeted MSEs

Two big explosions rocked the Beirut port on August 4, 2020, killing more than 200 people, wounding over 6,000 others and destroying a big part of the city…reports Asian Lite News

Lebanese Prime Minister Najib Mikati has launched a $25 million fund to support the recovery of targeted micro and small enterprises (MSEs) damaged by the Beirut port explosion, a statement by Lebanon’s Council of Ministers reported.

Lebanese Prime Minister Najib Mikati

The Building Beirut Businesses Back and Better Fund (B5 fund) is financed by the Lebanon Financing Facility (LFF), a multi-donor trust fund established in December 2020 by the World Bank to pool grant resources from donors in support of the immediate socio-economic recovery of vulnerable people and businesses impacted by the explosion, Xinhua news agency reported.

NAJIB MIKATI, PRIME MINISTER, LEBANON: “Today, with a great effort by the World Bank and the European Union, the B5 fund is the first emergency initiative to provide business enterprises with vital support and ensure their ability to continue in light of the multiple crises afflicting Lebanon.”

Two big explosions rocked the Beirut port on August 4, 2020, killing more than 200 people, wounding over 6,000 others and destroying a big part of the city.

ALSO READ: Lebanon Wants To Mend Ties With Saudi Arabia

Previous Story

Tata Lit Fest shortlists announced

Next Story

Uzbekistan detains members of Jihadist group

Latest from Arab News

US Lifts Syria Sanctions

Syria faces fragile reconstruction path despite sanctions relief. On Friday, the U.S. Treasury Department issued a general license authorizing financial transactions with the interim Syrian government, the central bank, and state-owned enterprises.

EU lifts all economic sanctions on Syria

The European Union agreed to lift all remaining economic sanctions on Syria, hoping the relief will ease access to financial funds and speed up the war-battered country’s recovery after the fall of

Kuwait Celebrates 250 Years with India

Kuwait hosts five-day exhibition marking 250 years of ‘friendship’ with India….reports Asian Lite News Indian Ambassador to Kuwait Adarsh Swaika and Director General of Kuwait’s National Center for Culture, Arts and Letters

Trump sheds isolationism during Middle East trip

His four-day trip through Saudi Arabia, Qatar and the UAE has underscored how dramatically he has reimagined traditional alliances and inserted himself into global conflicts The first major overseas trip of President

Erdogan’s Turkey Turns on India

Under Erdogan, Turkey-Pakistan ties have transformed into structured military cooperation, encompassing defence production, training, joint operations, and strategic alignment….writes Baidya Bikash Basu New Delhi: Under Turkish President Recep Tayyip Erdogan’s rule, Turkey
Go toTop

Don't Miss

Iran using 2 bases for drone attacks Israeli Def Min

Iran is using two bases to carry out maritime attacks

Global Covid caseload tops 494.8 mn

The global coronavirus caseload has topped 494.8 million, while the