Today: 24 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

MBS & Sisi talk ties, Palestine

The two leaders reviewed the historic and strategic relations between Riyadh and Cairo and explored new ways to bolster cooperation…reports Asian Lite News Saudi Crown Prince and Prime Minister HRH Mohammed bin

Qatar: Syria’s stability key to region

Qatar, speaking for the Arab Group at the UN, urged unity and sovereignty for Syria as regional diplomacy, UN warnings, and fragile ceasefires highlight a precarious crossroads….reports Asian Lite News Qatar, speaking

UAE flies out Gaza’s sick & wounded

The UAE has flown out 155 more Gaza patients and families, extending medical lifelines to nearly 2,800 evacuees, under Sheikh Mohamed’s sweeping humanitarian directive….reports Asian Lite News The United Arab Emirates has

Arab fury at Israel’s land grab

Arab League and world powers condemn Israel’s E1 settlement approval, warning it threatens a Palestinian state, breaches international law, fuels instability, and worsens Gaza’s dire humanitarian crisis….reports Asian Lite News The League

OIC calls emergency Gaza meet

The OIC prepares an emergency meeting as Israel intensifies its assault on Gaza City, calling up tens of thousands of troops, sparking global outrage and humanitarian alarm….reports Asian Lite News The Organisation
Go toTop

Don't Miss

Lebanese pick up old professions to make ends meet

Ali Khayat, a Lebanese man in his 60s, is working

Global Covid caseload tops 480 mn

The global coronavirus caseload has topped 480 million, while the