IFC Announces New Investments and Engagements in Lebanon

The International Finance Corporation (IFC), a member of the World Bank Group, announced new investments and engagements to expand access to finance and energy, support the growth of the manufacturing sector, and create jobs across Lebanon.

Working in close partnership with the World Bank Group's International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC) will act as lead transaction advisor to the Government of Lebanon, collaborating directly with the High Council for Privatization and Public-Private Partnerships (HCP) and the Ministry of Energy and Water to design and execute an efficient gas-to-power initiative structured as a public-private partnership (PPP), to expand and optimize electricity generation in the country.

The agreement covers the creation of a floating storage and regasification unit that will allow liquefied natural gas to be imported, stored, and converted into usable fuel, along with upgrades to the existing 465-MW Deir Ammar I power station to make it cleaner, more efficient, and able to operate at a higher capacity as an independent power producer. It also calls for building Deir Ammar II — a new 825-MW combined-cycle gas turbine plant — to further increase electricity supply. When finished, these developments are expected to enhance reliable power access, aid Lebanon’s transition toward greener energy sources, improve efficiency within the power sector, lower dependence on diesel, and help reduce the overall cost of generating electricity.