SAWT BEIRUT INTERNATIONAL

| 17 January 2022, Monday |

Minister of Economy meets with World Bank officials in Washington

The Lebanese Minister of Economy and Trade Amin Salam met with the Executive Director of the Board of Executive Directors of the World Bank Group, Dr. Mirza Hassan, and the Vice President of the World Bank Group for the Middle East and North Africa, Farid Belhaj, at the Bank’s headquarters in Washington, and they discussed the projects of the World Bank in Lebanon.

Salam had a two-day work program that included meetings with the five institutions in the Bank: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank, the International Finance Corporation (IFC), the International Investment Guarantee Agency (MIGA), and the International Center Settlement of Investment Disputes (ICSID). Each of these institutions plays a distinct role in fulfilling the Bank Group’s mission to combat poverty and improve living standards in developing countries.

A Bank team briefed Minister Salam on many initiatives and their stages of completion, particularly those aimed at revitalizing the medium, small, and micro-enterprise sectors.

Salam, for his part, emphasized the need of taking a comprehensive approach to increasing the capabilities of these enterprises by strengthening the supportive framework, creating financial market infrastructure, and building technical and financing capacities of financial intermediaries. He underlined, in particular, “promoting entrepreneurship and exploiting digital technologies to improve financial inclusion.”

“A robust medium, small, and micro-enterprise sector can offer job possibilities and economic chances for women, stimulate innovation, and direct the energies of young effectively. We are dedicated to cooperating and collaborating with the World Bank in order to promote long-term sustainable growth in Lebanon. We will collaborate with development partners to encourage private sector growth and improve the financial system’s sustainability and stability, Minister Salam explained.

The workshop comprised multiple joint discussions with the World Bank team to address insurance, consumer protection, and food security concerns, as well as talks with the International Finance Corporation (IFC) to discuss trade finance, PPP projects, and infrastructure projects.