Lebanon has secured 22 cooperation agreements with Saudi Arabia to enhance economic relations. The high-level visit planned for next month aims to finalize these agreements, which cover various sectors important for international aid. The establishment of an independent fund for reconstruction further supports Lebanon’s recovery efforts post-conflict.
Lebanon has finalized 22 cooperation agreements with Saudi Arabia as a precursor to a high-level visit next month aimed at enhancing economic ties. This delegation may be led by President Joseph Aoun, Prime Minister Nawaf Salam, or both, as confirmed by Lebanese Deputy Prime Minister Tarek Mitri in an interview with Asharq. The agreements come after Saudi Crown Prince Mohammed bin Salman hosted Aoun on March 3, discussing Lebanon’s ongoing crisis and regional dynamics.
The agreements span various sectors including agriculture, intellectual property, environmental management, and consumer protection, which are essential for attracting broader international aid to Lebanon’s struggling economy. Mitri stated that fostering trust with Arab nations and the international community is crucial, underscoring Saudi Arabia’s role in unlocking further international assistance. He confirmed that all agreements are finalized and ready for signing.
Upon his arrival, Aoun expressed optimism that his discussions with the crown prince would facilitate a follow-up visit to formalize these agreements. Rabih El-Amine, chairman of the Lebanese Executives Council, detailed that these deals also involve the Ministry of Information, General Directorate of Civil Aviation, and Banque du Liban.
Mitri disclosed that Lebanon is forming an independent fund, separate from government institutions managing refugee affairs, in collaboration with international organizations to supervise post-war reconstruction. This initiative aims to enhance credibility with potential donors, especially following recent conflicts involving Hezbollah and Israel.
A World Bank report indicates that Lebanon requires approximately $11 billion for recovery and reconstruction, assessing damage across ten essential sectors. It projects that public sector infrastructure repairs could cost between $3 billion to $5 billion, while private investments are essential for housing, trade, industry, and tourism, amounting to $6 billion to $8 billion.
Mitri mentioned that France has shown interest in hosting a conference to support Lebanon’s recovery efforts. French officials have suggested either preparatory meetings or a singular event, although a date remains to be confirmed. The conference is intended to focus on humanitarian aid and reconstruction, alongside a separate investment-focused event to draw in global figures.
In conclusion, Lebanon’s finalization of 22 agreements with Saudi Arabia signifies an important diplomatic and economic strategy aimed at securing international aid. With a focus on diverse sectors, the agreements are aligned with Lebanon’s recovery efforts, addressing critical financial requirements and strengthening regional ties. Future conferences and partnerships will play a crucial role in Lebanon’s reconstruction and economic revitalization.
Original Source: www.arabnews.com
