Lebanon, World Bank sign agreement

Lebanon and the World Bank on Tuesday in Beirut signed an agreement to establish a permanent bureau for the bank in Beirut.

On the Lebanese side the agreement was signed by Finance Minister George Corm, and it was on the WB side signed by the WB regional director in the Middle East Ander Soud.

Following the signing ceremony, the Lebanese minister said that setting up an office for the WB in the central trade part of Beirut will facilitate the use of loans between the WB and Lebanon and will avail Lebanon the chance to ask for new loans in the areas of administrative reforms, social affairs and municipalities loans. The Lebanese minister indicated that the rate of loans Lebanese had signed with the World Bank reached until today US $600 million.

Undersud, for his part said that the establishment of the bureau is a very important step towards Lebanon's restoring its due role in the region. He added that the WB will appoint a chairman for the bureau within the two coming weeks and actual activities will start within two months.