Lebanon Prepares Final Drafts of 22 Cooperation Agreements with Saudi Arabia Ahead of High-Level Visit
Lebanon has reached a significant milestone in its efforts to strengthen economic ties with Saudi Arabia by finalizing the drafts of 22 cooperation agreements. This development sets the stage for a high-level visit next month, which could be led by President Joseph Aoun, Prime Minister Nawaf Salam, or both. The delegation will aim to sign these agreements, covering various sectors such as agriculture, intellectual property, and environmental management.
The agreements are seen as crucial in securing broader international aid for Lebanon’s struggling economy. Deputy Prime Minister Tarek Mitri emphasized that Saudi Arabia’s support is vital for unlocking further international aid. He confirmed that the 22 agreements are fully drafted and ready for signing. The agreements have been prepared after months of negotiations between Lebanese officials and their Saudi counterparts.
The deals cover a wide range of sectors, including intellectual property, consumer protection, and environmental management, as well as agriculture and water resources. Rabih El-Amine, chairman of the Lebanese Executives Council, pointed to agreements involving the Ministry of Information, the General Directorate of Civil Aviation, and Banque du Liban. These agreements demonstrate the commitment of both countries to strengthen their economic ties and cooperation.
Saudi Crown Prince Hosts President Aoun at Al-Yamamah Palace
On March 3, Saudi Crown Prince Mohammed bin Salman hosted President Aoun at the Royal Court in Al-Yamamah Palace. The meeting marked Aoun’s first foreign visit since taking office and provided an opportunity for both leaders to discuss Lebanon’s ongoing crisis and regional developments. The discussions focused on ways to strengthen cooperation between the two nations and address the challenges facing Lebanon.
During his visit, President Aoun expressed hope that his talks with Crown Prince Mohammed bin Salman would pave the way for a follow-up visit to sign agreements aimed at strengthening cooperation between the two nations. The agreements are seen as essential in securing broader international aid for Lebanon’s struggling economy. The meeting demonstrated the commitment of both leaders to strengthen their countries’ ties and address regional challenges.
Lebanon Working on Independent Fund for Post-War Reconstruction
Deputy Prime Minister Tarek Mitri revealed that Lebanon is working on an independent fund, separate from government institutions handling refugee affairs. This fund will be established in partnership with international organizations to oversee post-war reconstruction efforts. The move aims to boost credibility with donors, especially in the wake of the recent Hezbollah-Israeli conflict.
The World Bank report commissioned by the Lebanese government estimates that the country needs roughly $11 billion for recovery and reconstruction. The report assessed damage across 10 key sectors, projecting infrastructure repairs at $3 billion to $5 billion in public sector funding, while housing, trade, industry, and tourism would require $6 billion to $8 billion in private investments.
France Expresses Willingness to Host Conference to Support Lebanon’s Recovery
Mitri also noted that France has expressed willingness to host a conference to support Lebanon’s recovery. French officials have proposed preparatory meetings or merging them into a single event, though no date has been set. The conference would prioritize humanitarian aid and reconstruction, while a separate investment-focused event aims to attract international figures.
The move by France demonstrates its commitment to supporting Lebanon’s recovery efforts. The conference will provide an opportunity for international donors and organizations to come together and discuss ways to support Lebanon’s rebuilding process. The initiative is seen as essential in securing the necessary funding and aid to help Lebanon recover from the devastating conflict.
Conclusion
Lebanon has made significant progress in its efforts to strengthen economic ties with Saudi Arabia by finalizing the drafts of 22 cooperation agreements. The visit next month will provide an opportunity for both countries to sign these agreements, covering various sectors such as agriculture, intellectual property, and environmental management. The agreements are seen as crucial in securing broader international aid for Lebanon’s struggling economy.
The meeting between President Aoun and Crown Prince Mohammed bin Salman marked a significant step towards strengthening cooperation between the two nations. The discussions focused on ways to address the challenges facing Lebanon and strengthen their economic ties.
Lebanon is also working on an independent fund, separate from government institutions handling refugee affairs, to oversee post-war reconstruction efforts. This move aims to boost credibility with donors and secure the necessary funding for recovery and reconstruction.
Finally, France has expressed willingness to host a conference to support Lebanon’s recovery, demonstrating its commitment to supporting Lebanon’s rebuilding process. The initiative is seen as essential in securing the necessary funding and aid to help Lebanon recover from the devastating conflict.