Market Overview

Global Bank's President Ron Nechemia Offers Humanitarian and Developmental Assistance to Lebanon in Response to the Deadly Explosion


LOS ANGELES, Aug. 21, 2020 /PRNewswire/ -- Global Bank Group (@GlobalBankGroup) has offered humanitarian and development assistance to Lebanon following the massive August 4 explosion that rocked its capital, Beirut, and killed more than 220 people, injured more than 7,000, and left an estimated 300,000 homeless. The Global Bank's regional office for the Middle East and North Africa Region is working with partners, including Lebanon's Prime Minister Hassan Diab, to respond to the "urgent needs of Lebanon" following the "devastating explosion that rocked Beirut on Tuesday, August 4, 2020," said Ron Nechemia, President of the Global Bank Group, in a statement today.

"The Global Bank Group extends our deepest condolences to the people of Lebanon and the families and victims of the blast that rocked Beirut and we stand ready to offer all possible assistance as they recover from this tragedy," said Nechemia.

"Lebanon has faced important challenges impeding its economic and human development," Nechemia adds.  "Lebanon needs the full support and solidarity of the Global Bank Group and other members of the international community at this crucial juncture, as the disaster continues to inflict horrendous suffering and threatens to wipe out decades of hard-earned development gains."

The immediate objective of the Global Bank Group is to support the development and strengthening of the Lebanese economy as part of a comprehensive plan for reform, infrastructure investments, and investment in disaster risk reduction for resilience.

The Global Bank Group has taken note of the urgent need for the Lebanese authorities to respond to the aspirations of the Lebanese people by implementing meaningful economic reforms — notably the commitments made in the framework of the CEDRE Conference, as well as the International Support Group for Lebanon meeting held in Paris on the 11th of December 2019. The Global Bank Group also recognizes the additional challenges posed by the global COVID-19 pandemic on the Lebanese economy. It commends the preventive measures taken jointly with the Government of Lebanon in that regard.

The Global Bank Group's Country Partnership with the Republic of Lebanon is focused on scaling up access and quality of service delivery and expanding economic opportunities to all. Through these two focus areas, the Global Bank Group will help Lebanon mitigate the economic and social impact of the Syria crisis, safeguard the country's development gains, and enhance stability and development prospects in the coming years. The Country Partnership will contribute to strengthening the relationship between the state and its citizens, a critical ingredient for peace and stability.

The Global Bank Group, along with other international partners, has been working very closely with the Lebanese government to scale up assistance in this area, including through the Global Bank Infrastructure Project Preparation Facility.

In a fragile and conflict-prone environment, the Global Bank Group aims at mitigating the immediate as well as the potentially long-lasting impact of the Syria crisis on Lebanon, while strengthening state institutions, addressing existing vulnerabilities, and bolstering efforts on longer-term development challenges, all through interventions that foster inclusion and shared prosperity. When an extreme environmental hazard strikes, infrastructure can be a deciding factor in whether or not the situation becomes a disaster. Roads, for example, can provide access to supply relief aid to affected communities quickly; but if roads are destroyed, entire regions can be cut off from support.

The Global Bank Disaster Risk Reduction and Reconstruction Fund – An Umbrella Trust Fund (GB-DRRRF) helps strengthen the security and resilience of critical infrastructure, for the continuity of essential national functions, and to organize itself to partner effectively with and add value to the security and resilience efforts of critical infrastructure owners and operators.

The objective of the GB-DRRRF in infrastructure is to improve alignment and coordination between established and new infrastructure initiatives, as well as among multilateral and national development banks, national institutions, and the private sector; to bridge the "infrastructure investment gap"; and to facilitate the implementation of sustainable, accessible, and resilient infrastructure, particularly for developing countries.

The GB-DRRRF will prepare projects in a manner that fits the developmental-driven mandate of Global Bank in the infrastructure sector; namely, to deliver outcomes focused on commercialized approaches, private sector participation, strong environmental and social standards, and energy efficiency improvements across the sectors.

The Global Bank Disaster Risk Reduction and Reconstruction Fund – an Umbrella Trust Fund (GB-DRRRF), established in 2017, is a multi-donor partnership and grant-making financing mechanism. Its purpose is mainstreaming climate change into development to help achieve the Sendai Framework targets by 2030 — a decade-long plan to help make the world safer from disasters caused by natural hazards, to support the implementation of the Global Climate Agreement in Paris, and prevent disasters undermining progress on the Sustainable Development Goals. The rapid and flexible support offered by the Global Bank Disaster Risk Reduction and Reconstruction Fund makes it a central pillar of the Global Bank Group agencies' humanitarian response architecture.

More detailed information can be found on the GB-DRRRF's website

Global Bank is the Global Bank Group's long-term sovereign lending institution. As a development bank with an agenda driven by G-7/G-8 and G-20 priorities, its leading priority is to promote global economic and social development. Unlike the multilateral development banks (MDBs), Global Bank is not restricted to operating only in developing countries.

The Global Bank Group represents, develops, and supports the collective interests of the Global Bank and its business interests globally. Global Bank is a full-fledged private sector global development bank, in formation – the world's second global development bank – positioned next to the World Bank Group and next to the preeminent regional development banks. It combines the characteristics of a multilateral development bank with those of a private financial institution. The primary objective of the Global Bank is to reduce poverty in middle-income countries and credit-worthy poorer countries by promoting sustainable development. To this end, Global Bank finances primarily public sector infrastructure projects and sustainable development through the provision of sovereign loans to developing countries. Global Bank's financial objective is not to maximize profit, but to earn an adequate income to ensure its financial strength and to sustain its development activities.

For information about the Global Bank, please visit

For more information, contact Global Bank Public Affairs:

Media Contact:
Bruce Harbin

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SOURCE The Global Bank Group

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