World Bank Group says damages of Beirut blast reach US 4.6 billion

3^min

The World Bank Group issued on Monday a statement in which it assessed the damages incurred after the Beirut blast.

The statement said that “immediately after the massive blast that rocked the port of Beirut on August 4, the World Bank Group (WBG) in cooperation with the United Nations (UN) and the European Union (EU) launched a Rapid Damage and Needs Assessment (RDNA) to estimate the impact on the population, physical assets, infrastructure and service delivery. The Beirut RDNA uses ground data and cutting-edge remote tools and technology to assess (i) damages to physical assets; (ii) ensuing economic losses; and (iii) the recovery and reconstruction needs.”

“The report builds on extensive stakeholder feedback and engagement meetings organized with concerned government entities, civil society organizations, NGOs, INGOs, professional associations, private sector organizations, think tanks, youth groups, donors, UN agencies,” it added.

The World Bank Group noted that the RDNA recommended “a framework for Reform, Recovery, and Reconstruction (the ‘3Rs’) to build back a better Lebanon based on principles of transparency, inclusion and accountability. The 3Rs framework combines people-centered recovery and reconstruction interventions with structural reforms that include macroeconomic stabilization, governance reforms, the private sector operating environment and ensuring human security.”

The report highlighted key findings, saying that “given the rapid nature of this assessment, the report offers low and high range for values of physical damages, economic losses and priority needs for Calendar Year 2020 and Calendar Year 2021.”

Damages: US$ 3.8-4.6 billion, with housing and culture sectors most severely affected.

Losses: US$2.9-3.5 billion, with housing being the most hit followed by transport and culture.

Priority Recovery and Reconstruction Needs: US$1.8-2.0 billion, with transport needs highest followed by culture and housing.

The report includes a preliminary assessment of : (1) losses in economic activity caused by the destruction of physical capital; (2) trade disruptions resulting in higher transaction costs of external trade; and (3) the loss of fiscal revenues and of further tax exemptions approved by the Government.

Breaking Headlines

Lebanon News

World Bank

Lebanon

Beirut

Blast

Lebanon’s State Security hails troops’ efforts in new year security plan