Investment shortfall in Lebanon
Following a nine months political stalemate, Lebanon’s cabinet was finally formed in late January, thereby restoring some much-need political stability and unlocking $11bn in foreign development loans for infrastructure investment. Sebastian Shehadi reports.
Lebanon needs $22.9bn to overhaul its outdated infrastructure, according to the country’s Capital Investment Program (CIP).
Lebanon has the world’s fourth worst quality of publicly provided electricity, behind Haiti, Nigeria, and Yemen, and Lebanese citizens spend 50% more time than necessary on congested roads, only 15% of which are in good condition, according to a McKinsey & Company report, Lebanon Economic Vision.
Some of the largest opportunities in infrastructure investment, under public-private partnerships in the CIP, include the expansion of Beirut International Airport for approximately $500m, the creation of the Nahr Ibrahim Expressway for about $2.86bn, and the El Bared wastewater dam for $300m.
The country is also developing its first special economic zone, to be based in Tripoli and requiring investment of $270m.
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