press releases 2007
United States and Lebanon Sign $75 Million Agreement to Support Lebanon’s Economic Reforms
August 31, 2007
U.S. Ambassador Jeffrey Feltman and USAID Mission Director Raouf Youssef participated in a ceremony with Minister of Finance Jihad Azour to sign a $75 million grant agreement on August 31, 2007, to support Lebanon’s economic reforms. The agreement is part of a planned $250 million cash transfer to Lebanon. Under the agreement, the U.S. Government will provide the funds to the Government of Lebanon, enabling Lebanon to reduce its external debts and pursue economic reforms. These are outlined as the Government of Lebanon’s priorities at the friends of Lebanon Conference in Paris on January 25, 2007. The agreement is a result of the long-term partnership between the United States and Lebanon. It embodies the United States’ commitment to assisting Lebanon achieve stability and prosperity.
The U.S. Agency for International Development (USAID) will carry out the agreement on behalf of the U.S. Government. USAID has worked in Lebanon since 1951, funding development projects to benefit Lebanese citizens. In Lebanon, USAID creates jobs, invests in youth and protects the environment. With funds from the American people, USAID provides $40 million in assistance a year, working in partnership with Lebanese and U.S. organizations. USAID’s work reflects the strong friendship between the Lebanese and American people. For more information about USAID’s projects in Lebanon, visit USAID’s website www.usaidlebanon.org.lb.
