Today: 3 August 2025
12 November 2021
1 min read

Lebanon launches $25mn fund to support the recovery of targeted MSEs

Two big explosions rocked the Beirut port on August 4, 2020, killing more than 200 people, wounding over 6,000 others and destroying a big part of the city…reports Asian Lite News

Lebanese Prime Minister Najib Mikati has launched a $25 million fund to support the recovery of targeted micro and small enterprises (MSEs) damaged by the Beirut port explosion, a statement by Lebanon’s Council of Ministers reported.

Lebanese Prime Minister Najib Mikati

The Building Beirut Businesses Back and Better Fund (B5 fund) is financed by the Lebanon Financing Facility (LFF), a multi-donor trust fund established in December 2020 by the World Bank to pool grant resources from donors in support of the immediate socio-economic recovery of vulnerable people and businesses impacted by the explosion, Xinhua news agency reported.

NAJIB MIKATI, PRIME MINISTER, LEBANON: “Today, with a great effort by the World Bank and the European Union, the B5 fund is the first emergency initiative to provide business enterprises with vital support and ensure their ability to continue in light of the multiple crises afflicting Lebanon.”

Two big explosions rocked the Beirut port on August 4, 2020, killing more than 200 people, wounding over 6,000 others and destroying a big part of the city.

ALSO READ: Lebanon Wants To Mend Ties With Saudi Arabia

Previous Story

Qureshi Seeks Peace in Afghanistan

Next Story

Uzbekistan detains members of Jihadist group

Latest from Arab News

US Mulls Terror Tag for Muslim Brotherhood

The US’ plan to designate the Muslim Brotherhood as a terrorist group comes after a bipartisan bill was introduced by Republican Congressman…reports Asian Lite News The US is once again edging closer

Hamas Sets Terms For Disarmament

HAMAS: ‘The resistance and its weapons will not be abandoned until our full national rights are restored, foremost among which is the establishment of an independent, fully sovereign Palestinian state’ Hamas affirmed

Statehood For Palestine

Analysts see the general move as a deliberate push to revive a stagnant peace process long controlled by Israel, Hamas and the United States, all of whom, they say, have shown little

Famine grips Gaza, WHO warns

WHO said Gaza’s population is facing acute food insecurity under the Integrated Food Security Phase Classification…reports Asian Lite News The World Health Organisation (WHO) has issued its starkest warning yet about the

Lifeline from UAE to Gaza

UAE’s Operation Chivalrous Knight 3 sustains Gaza’s collapsing health system with hospitals, treatment, aid, and vaccines, offering vital relief to thousands amid deepening crisis….reports Asian Lite News The United Arab Emirates has
Go toTop

Don't Miss

Israel Orders Town Evacuation Near Lebanon Border

The residents will be relocated to state-subsidized guesthouses…reports Asian Lite

Sheikh Abdullah leads UAE delegation ‏to COP26

The UAE’s participation at the event is further highlighted by