PRESS RELEASES 2007
United States Provides An Additional $50 Million to Support Lebanon’s Economic Reforms
December 17, 2007
Today, United States Agency for International Development (USAID)/Lebanon Mission Director Raouf Youssef and Minister of Finance Jihad Azour signed a $50 million amendment to the existing $75 million agreement between the United States and Lebanon to support Lebanon’s economic reforms. This additional amount of money means that U.S. Government assistance to support Lebanon’s economic reforms totals $125 million.
With this action, the U.S. government continues to fulfill the commitments to Lebanon it made at Paris III – the “Friends of Lebanon Conference” in Paris on January 25, 2007.
Under the agreement, the U.S. Government will provide funds to the Government of Lebanon up to $250 million, enabling Lebanon to reduce its external debts and pursue economic reforms. This $50 million addition came as a result of the Government of Lebanon’s progress towards reforming the telecommunications sector.
USAID has worked in Lebanon since 1951, funding development projects to benefit Lebanese citizens. With funds from the American people, USAID creates jobs, invests in youth and protects the environment in Lebanon. USAID’s work reflects the strong friendship between the Lebanese and American people.