BEIRUT, Feb. 26 (Xinhua) -- The World Bank has committed to investing 2.2 billion U.S. dollars in Lebanon's energy and water sectors over the next three years, said Lebanese Energy and Water Minister Walid Fayad on Monday.
"The World Bank will intervene in the water and energy sectors in Lebanon to ensure the delivery of improved services at a lower cost," Fayad said during his meeting with Lebanese Prime Minister Najib Mikati, according to a statement released by the Lebanese Council of Ministers.
Fayad said the World Bank will improve the efficiency of Lebanon's state power utility, Electricite Du Liban (EDL), by reducing waste and installing smart meters.
The minister noted that the World Bank will provide technical support to EDL, including digital transformation and restructuring.
He added that the World Bank will invest in three or four renewable energy stations, each with a capacity of 40 megawatts (MW), that can be increased to about 100 megawatts through investment from the private sector.
"This enables us to obtain about four hundred additional megawatts of renewable energy," he said.
The lack of electricity in Lebanon has been a chronic problem that has cost the treasury over 40 percent of its sovereign debt.
Lebanon's electricity crisis has been exacerbated in the past five years by the country's shortage of U.S. dollars, which limits its capacity to import fuel for the operation of existing power stations.
The country's electricity crisis prompted the Lebanese to expand their use of solar energy to 1000 MW in 2023. ■
