BEIRUT, March 7 (Xinhua) -- Some 11 billion U.S. dollars are needed for Lebanon's reconstruction and recovery, the World Bank said Friday.
About 3-5 billion dollars require public financing, including 1 billion dollars for the infrastructure sectors, whereas 6-8 billion dollars require private financing, mainly in housing, commerce, industry, and tourism sectors, it said in a report assessing 10 sectors across Lebanon from Oct. 8, 2023 to Dec. 20, 2024.
"The economic cost of the conflict on Lebanon is 14 billion dollars, with damage to physical structures amounting to 6.8 billion dollars and economic losses from reduced productivity, foregone revenues, and operating costs reaching 7.2 billion dollars," it said in the report under the title of "Lebanon Rapid Damage and Needs Assessment."
The report noted that housing has been the hardest-hit sector in the country, with damages equal to 4.6 billion dollars, while geographically, Nabatieh Governorate and South Governorate in southern Lebanon have suffered the most.
"The impacts of the conflict have resulted in Lebanon's real GDP contracting by 7.1 percent in 2024, a significant setback compared to a no-conflict growth estimated at 0.9 percent," it added. ■
