Chinese Premier Li Qiang arrives in Egypt for high-level talks    Service restoration underway after Cairo telecom fire, minister tells PM    Egypt, Sierra Leone discuss expanding cooperation in transport, infrastructure    Gaza under siege, fire: Resistance intensifies amid deepening humanitarian collapse    Egypt's PM orders probe, pledges faster network upgrade after Ramsis Exchange blaze    Gold hits over 1-week low on stronger dollar    EGX closed mostly higher on July 9    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    Egypt, Pakistan boost healthcare ties – Cabinet    UK, Egypt strengthen cooperation on green transition, eco-tourism, and environmental investments    Escalation in Gaza as ceasefire talks remain fragile amid mounting humanitarian crisis    Egypt, UNDP discuss expanded cooperation on medical waste management, human development    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM, Uruguay's president discuss Gaza, trade at BRICS summit    Egypt, Norway hold informal talks ahead of global plastic treaty negotiations    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger    Egypt's FM, China's Wang discuss Iran-Israel escalation    Egypt's EHA, Schneider Electric sign MoU on sustainable infrastructure    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Germany to propose Beirut port reconstruction with 'strings attached': Sources
Published in Ahram Online on 01 - 04 - 2021

Germany will next week present a multi-billion-dollar proposal to Lebanese authorities to rebuild the Port of Beirut as part of efforts to entice the country's politicians to form a government capable of warding off financial collapse, two sources said.
A chemical explosion at the port last August killed 200 people, injured thousands and destroyed entire neighbourhoods in Lebanon's capital, plunging the country deeper into its worst political and economic crisis since the 1975-1990 civil war.
According to two diplomatic sources with knowledge of the plans, Germany and France are vying to lead reconstruction efforts. Berlin will on April 7 outline a proposal that the European Investment Bank has agreed to help fund that would clear the area and reconstruct facilities, they said.
One of the sources estimated EIB funding in the range of 2 billion to 3 billion euros.
A senior Lebanese official confirmed that Germany was due to present a comprehensive port reconstruction proposal.
Neither the German foreign ministry nor consultancy firm Roland Berger, which the diplomatic sources said put the plan together, immediately responded to requests for comment. The EIB was not immediately available for comment.
The two diplomatic sources said Lebanon's political elite first need to agree on the make-up of a new government to fix public finances and root out corruption, a condition which donors, including the International Monetary Fund, are also insisting on before they will unlock billions of dollars in aid.
"This plan is not going to come without strings attached," said one of the sources. "Germany and France want first to see a government in place committed to implementing reforms. There is no other way around it and this is good for Lebanon."
Eight months after the port disaster, many Lebanese who lost family, homes and businesses are still waiting for the results of an investigation into the causes of the blast. Lebanon is on the verge of collapse, with shoppers brawling over goods, protesters blocking roads, and businesses shuttered.
Foreign donors have said the new government must have a firm mandate to implement economic reforms, including a central bank audit and an overhaul of the wasteful power sector.
Prime Minister-designate Saad al-Hariri and President Michel Aoun have been unable to agree on a ministerial line-up, however. The outgoing cabinet, which quit after the explosion, has stayed on in a caretaker capacity.
The IMF has said there have been no programme discussions with Lebanese officials, only technical assistance with the Ministry of Finance and some state-owned enterprises.
Germany's Proposal
In addition to the port itself, Germany's proposal would look to redevelop more than 100 hectares in the surrounding area in a project that the two diplomatic sources said would be along the lines of the post-war reconstruction of central Beirut.
As in that redevelopment, the plan would involve the creation of a publicly-listed company similar to Solidere, which was set up by former Prime Minister Rafik Hariri in the 1990s and remains on the Lebanon stock exchange.
The sources put the project cost at anywhere between $5 billion to $15 billion, and said it could create as many as 50,000 jobs.
The Lebanese official said France and French ports and container shipping group CMA CGM were also interested in the reconstruction project.
One of the diplomatic sources noted that France had sent several missions, including one in March that included CMA CGM, that showed an interest in playing a role in the reconstruction. That mission focused on specific clear-up operations rather than a broader redevelopment, however, the source said.
France's foreign ministry declined to comment immediately. CMA CGM declined to comment.
The Lebanese official put the onus for getting the project underway on the Europeans agreeing who would be the lead.
"This is a European decision at the end of the day, because they have to decide on it among themselves. Then when it comes to it, the Lebanese government can go ahead," the official said.
The diplomatic sources said Germany wanted to work closely with France on the issue, but that Paris was pursuing its own initiatives for now.
"The irony of all this is that on the one hand the Europeans are talking about putting pressure on the political class while on the other fighting each other over these potential contracts when the vultures are still circling," one said.


Clic here to read the story from its source.