'Wake-up call': World Bank hopes Lebanese blast will spur reform


  • World
  • Tuesday, 01 Sep 2020

FILE PHOTO: A member of the French military works at the damaged site of the massive blast in Beirut's port area, in Beirut, Lebanon August 31, 2020. REUTERS/Gonzalo Fuentes/Pool/File Photo

BEIRUT (Reuters) - The World Bank has estimated that a huge explosion at Beirut port caused as much as $4.6 billion in damage to homes and infrastructure, and the bank's regional head said this should be a catalyst for reforms to unlock reconstruction funds.

Lebanon has regularly turned to the international community for help during its slow reconstruction since a 1975-1990 civil war but its failure to reform a system blighted by corruption and mismanagement has often deterred donors and investors.

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