World Bank has said the estimated value of physical damage caused by the explosion that rocked Beirut port on August 4 is between 3.8 billion dollars and 4.6 billion dollars.
According to an initial assessment led by the World Bank, in cooperation with the United Nations and the European Union in Lebanon, the country will need international aid and private investment to recover.
About 190 people were killed and thousands were injured when explosive material stored at Beirut port detonated on August 4, destroying thousands of buildings in the city.
Read Also: Beirut Explosion Death Toll Rises To 100 And Over 4000 Wounded
In addition to the damage caused to homes, hospitals, schools, and streets, the explosion forced many businesses to close, contributing to a loss of economic activity estimated at between 2.9 billion dollars and 3.5 billion dollars.
World Bank noted that housing, transport, and cultural assets are among the sectors worst affected.
It stated;
The disaster will not only exacerbate the contraction in economic activity but also worsen poverty rates, which were already at 45 per cent of the population just prior to the explosion.
World Bank added that;
The implementation of a credible reform agenda will be key to accessing international development assistance and unlock external and private-sector sources of financing.
This comes a day after a United Nations agency declared that more than half of Lebanon’s population risk facing a food crisis in the aftermath of the blast.
Read Also: Beirut Blast: Half Of Lebanese Could Face Food Shortages – UN
UN Economic and Social Commission for Western Asia (ESCWA) stated;
More than half of the country’s population is at risk of failing to access their basic food needs by the year’s end. Immediate measures should be taken to prevent a food crisis.
ESCWA executive secretary Rola Dashtispeaking said Lebanon’s government must prioritise the rebuilding of silos at the Beirut port, the country’s largest grain storage.
Lebanon relies on imports for 85 percent of its food needs and the annihilation of the silos at the Beirut port could worsen an already alarming situation, aid agencies and experts have said.
ESCWA noted that increased transaction costs of food imports could lead to a further rise in prices.
