The World Bank approved a $300 million additional financing to Lebanon's poor, providing cash payments to help families struggling through the country's historic economic meltdown, the institution said in a statement Friday.
The new financing comes two years after the World Bank approved a $246 million loan to Lebanon to provide emergency cash assistance to hundreds of thousands in the tiny Mediterranean nation of 6 million people.
The World Bank said the additional financing will provide cash transfers to 160,000 households for 24 months, including current beneficiaries. Eligible households will receive up to $145 per household, the bank said. The project is jointly handled by Lebanon’s ministry of social affairs and the World Food Program.
Since the collapse of Lebanon’s currency, U.N. agencies had been paying assistance to refugees in Lebanese pounds. Before the change announced this week, refugee households received a maximum of 8 million pounds per month, worth about $80 at the current exchange rate.
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