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Lebanon, June 27, 2007
— IFC, the private sector arm of the World Bank Group, today signed its first public-private partnership advisory agreement with the government of Lebanon to help build a new independent power plant and establish a concession for an existing 450-megawatt power plant in the district of Deir Ammaar through private sector participation. The new facility is expected to help rehabilitate Lebanon’s power sector.
Lebanon has long suffered from widespread electricity shortages, which have increased as a result of the conflicts in 2006. With support from the World Bank Group, the country has begun to reform its electricity sector, with the aim of reducing electricity losses, increasing operational efficiencies, and improving the quality and reliability of power infrastructure and supply. Through this project, IFC will help the government develop the framework for private sector participation in electricity generation and ensure transparency in the bidding process. The project will also provide a model for public-private partnerships in other sectors.
“Public-private partnerships are efficient business models that help increase private sector investment in public infrastructure. This project will support Lebanon’s post-conflict reconstruction effort and help provide access to a reliable supply of electricity to those who need it most,” said Michael Essex, IFC Director for the Middle East and North Africa.
About IFC
IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries. IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products has committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, to accelerate private participation in infrastructure, to improve the business enabling environment, to increase access to finance, and to strengthen environmental and social sustainability. For more information, please visit
www.ifc.org
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