Germany vows billions of euro for Beirut port reconstructionEuropost
Germany has offered to restore the devastated Beirut port as a part of a multi-billion euros deal aimed to support the efforts of the Lebanese government to offset the country’s financial collapse, Reuters reported. The formal proposal is expected to be revealed next week.
A chemical explosion at the port last August killed 200 people, injured thousands and destroyed entire neighbourhoods in the Lebanese capital, plunging the country deeper into its worst political and economic crisis since the 1975-1990 civil war.
Germany and France are now vying to lead reconstruction efforts. Berlin will outline its proposal on 7 April, which the diplomats said would in principle include support from the European Investment Bank (EIB), to help fund the clearing of the area and reconstruction facilities.
An EIB spokesman said it was aware of the proposal put forward by the port of Hamburg and its consultancy team for the reconstruction of the port of Beirut and surrounding areas. The EIB is expected to provide funding that could be in the range of 2 billion to 3 billion euros. The project cost at anywhere between $5 billion to $15 billion, and said it could create as many as 50,000 jobs.