World Bank approves $200m financing for Lebanon's agricultural sector

The World Bank has approved $200 million in financing to bolster Lebanon's embattled agricultural and farming sector.

The funds "will support productive investments that improve the agriculture sector productivity and enhance access to markets", the World Bank said.

It is aimed at farmers and small and medium enterprises in the Lebanese agri-food sector.

According to the World Bank, the sector has suffered a series of devastating blows in recent years.

The economic crisis in Lebanon, which first became apparent in 2019, has led to the virtual collapse of the country's financial system – with the local currency plummeting in value by about 98 per cent against the US dollar on the parallel market.

Lebanon is heavily import dependent for livestock and wheat, but produces an abundance of fruit and vegetables. The country also has a water-scarcity problem, while even some available water is sometimes contaminated.

"The global rise in the prices of fertilisers and fuel, compounded by the foreign exchange crisis in Lebanon, has severely impacted agricultural production," the World Bank said.

"Farmers and agri-food SMEs have totally lost access to finance due to the financial and banking crisis. The sector’s viability has been further threatened by the breakdown in public service provision, with water and soil quality or basic rural road connectivity rapidly deteriorating," it added.

According to the World Bank, about 80,000 of farmers are expected to benefit from the financing. The project, among other things, will support "climate smart" investments, services and infrastructure.

“The agriculture sector has a key role in unlocking growth, creating jobs and improving livelihoods, particularly in rural areas,” said Jean-Christophe Carret, World Bank Middle East country director.

He said the "project will provide a lifeline to a large share of vulnerable farmers and agri-food SMEs. It will support the recovery of Lebanon’s agri-food sector in the short to medium term and lay out a pathway towards its sustainable transformation".

Explainer: Tanween Design Programme

Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.

The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.

It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.

The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.

Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”