Helena Lyng Blak
30 weeks ago

EU Announces €1 Billion Package for Lebanon

EU solidifies support with €1 billion aid package for Lebanon amidst ongoing challenges.
BEIRUT, LEBANON - NOVEMBER 5, 2017. — Photo by diego.fiore1981.gmail.com / DepositPhotos
BEIRUT, LEBANON - NOVEMBER 5, 2017. — Photo by diego.fiore1981.gmail.com / DepositPhotos

On May 2, 2024, during a visit to Beirut, the capital of Lebanon, European Commission President Ursula von der Leyen, announced that the European Union will provide Lebanon a “financial assistance package” worth €1 billion between 2024 and 2027. 

Von der Leyen was accompanied on her visit by Cyprus President Nikos Christodoulides. They were in the country to discuss how best to support Lebanon in domestic and regional challenges that the country faces. 

“My visit today is a strong testimony of the EU's continued support to Lebanon and its people,” said von der Leyen. 

“This was also the clear message of European leaders at our last summit, and are committed to provide strong financial support to the country in view of the significant challenges it faces. The €1 billion until 2027 will provide much needed assistance to the people in Lebanon and contribute to its security and stability.”

The financial assistance package will directly bolster Lebanon's social infrastructure, including support for education and healthcare. It will equip and train the Lebanese Armed Forces to secure borders and combat smuggling. Additionally, the package will bolster ongoing efforts to reform Lebanon’s economic, financial, and banking sectors.

The EU has since 2011 supported Lebanon with more than €3 billion.

Reflecting the strong economic ties, EU-Lebanon trade amounted to €6.26 billion in 2022 alone.

Disclaimer

The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

24 weeks ago Analysis: New Debate Rules Favor Biden New rules announced for the June 27th debate between Joe Biden and Donald Trump serves the President well.
24 weeks ago StanChart Becomes Among the First Global Banks to Launch Spot Crypto Trading StanChart breaks new ground by launching spot trading for Bitcoin and Ether, leading the charge among global banks in the cryptocurrency space.
24 weeks ago Crypto, Currently: June 21, 2024 - Market Bears Down on Major Cryptos Daily update on the five cryptocurrencies, we consider the most interesting right now.
24 weeks ago FX Daily: June 21, 2024 – Forex Market Update Daily update from the foreign exchange markets.
24 weeks ago Amazon Plans To Make Largest Reduction of Plastic Packaging in North America To Date Amazon's response to mounting criticism over its plastic waste with a new reduction plan.
24 weeks ago Ex-OpenAI Chief Scientist Ilya Sutskever Launches New Company Amid Criticism of ChatGPT Parent's Board Appointments Ilya Sutskever, former chief scientist at OpenAI, has co-founded a new company, Safe Superintelligence Inc., amidst ongoing scrutiny of OpenAI’s recent board appointments.
24 weeks ago FX Daily: June 20, 2024 - Mixed Movements in Global Currency Markets Daily update from the foreign exchange markets.