Beirut:President Joseph Aoun has urged the International Finance Corporation (IFC) to enhance its investment and financing efforts in Lebanon, particularly focusing on the private sector's recovery. He highlighted the importance of converting international interest into tangible projects for economic recovery, job creation, and sustainable growth.
According to National news agency - Lebanon, Aoun's remarks were made during a meeting at Baabda Palace with an IFC delegation, including Imad Fakhoury, Thomas Jacobs, Enrique Blanco Armas, and Linda Limti. The discussions centered on strengthening cooperation in private sector financing, attracting foreign investment, and supporting infrastructure and development projects.
The IFC delegation conveyed greetings from World Bank Group President Ajay Banga and outlined their activities in Lebanon, which include advisory services, direct investment, and private sector financing. They reaffirmed Lebanon's priority status and expressed intentions to expand investments and operations while supporting necessary economic and financial reforms.
In the meeting, the delegation reviewed ongoing advisory initiatives in the energy and airport sectors, along with existing and potential investment opportunities across the economy. They also addressed the financing challenges facing small and medium-sized enterprises (SMEs) due to Lebanon's banking crisis, suggesting alternative financing mechanisms to support businesses, preserve employment, and stimulate economic activity.
President Aoun emphasized the impact of even modest financing in enhancing Lebanese enterprises' operational capacity and job creation. He urged the IFC to transition from advisory roles to direct financing, especially for SMEs and major infrastructure projects in energy, transport, and other strategic sectors.
Furthermore, Aoun called for leveraging the IFC's and World Bank Group's ability to mobilize international investors, promote investment opportunities, and mitigate risks through guarantees and political risk insurance instruments. The delegation briefed Aoun on the preparation of a new five-year World Bank Group partnership strategy for Lebanon, which will be presented to the Group's Board of Directors.
President Aoun reiterated Lebanon's significant human capital and private sector potential, stressing that substantial investment is essential alongside reforms to rebuild confidence in the economy. The meeting concluded with an agreement on the importance of sustained coordination to accelerate the development of bankable projects and expand investment opportunities in line with Lebanon's economic and development priorities.