Lebanese government and EIB agree €74m finance terms for Greater Tripoli Basin Wastewater Networks project
- October 8, 2019
- Posted by: administrator
- Category: Investment and Finance, Middle East
“This project is an excellent example of EIB and donors joining forces to support Lebanon’s resilience and economic growth. It will have substantial environmental, economic and social benefits by improving sanitation infrastructure. Also it will contribute to regional development in Tripoli, Lebanon’s second largest city and the main urban centre in the Northern Governorate”, said Dario Scannapieco Vice President of the European Investment Bank.
The project will increase sewerage flow to the existing Tripoli waste water treatment plant (WWTP), which was previously financed by the EIB. It is part of a wider works programme launched by the Government of Lebanon to increase the wastewater service coverage in the Tripoli area and enable the plant, once commissioned, to operate at full capacity, The project will thus optimise wastewater services in the project area and the WWTP’s future use and performance. The project will also contribute to climate change mitigation through avoided GHG emissions.
The Bank’s financing, which is covered by the EU Guarantee under the ELM 2014-2020, covers 69% of the overall project cost.
The EIB has been a long-term partner of Lebanon since it started its activities in the country in the 1970s and has local presence in Beirut since January 2019, as a sign of further support to the country. The EIB, as one of the main IFIs in Lebanon, has financed over €2.3 billion worth of loans in support of investment projects over the years.