Beirut: Director General and Chairman of the Arab Fund for Economic and Social Development (AFESD) Bader Al-Saad announced that Lebanon's newly formed government and improved stability offer an opportunity to restart development initiatives.
According to Kuwait News Agency, Al-Saad made the remarks after a meeting with Lebanese Energy and Water Minister Joseph Saddi. He shared that the Arab Fund is evaluating Lebanon's infrastructure needs, particularly in the water and electricity sectors. While there are plans to complete existing projects, the Fund is also awaiting new priority proposals from the Lebanese government.
Al-Saad introduced a streamlined approach in which the Arab Fund will directly conduct feasibility studies and provide financing. This method aims to eliminate delays caused by prior procedures that required borrowing countries to conduct preliminary studies.
He highlighted Lebanon's urgent need for development after years of conflict and economic crisis and expressed confidence that other Arab and international donors would also return to support Lebanon.
Minister Saddi praised the Arab Fund's prompt response and assistance, noting that priority projects include enhancing the power transmission network and wastewater treatment facilities.
Dr. Merza Hasan, a senior advisor at the Arab Fund, noted that Lebanon is entering a new phase characterized by capable leadership and clear priorities. He emphasized the Fund's efficiency and speed compared to other donors and outlined its new model, which involves conducting studies, securing funding, and delivering completed projects to the state.
Hasan also mentioned that given Lebanon's financial constraints, the Arab Fund aims to attract private investors by providing feasibility studies and mitigating investment risks.
During their visit, the Arab Fund delegation met with various ministers and the central bank governor. The Fund has a history of supporting major infrastructure, education, and social projects in Lebanon, including the Litani River project and the Lebanese University campus.
The Arab Fund, headquartered in Kuwait, supports regional development through public and private investments, grants, and expertise.