The Lebanese Central Bank tasked on Thursday the country's banks and other financial institutions with providing exceptional US dollar loans with zero interest to the victims of Beirut's devastating explosion
DOHA (Pakistan Point News / Sputnik - 06th August, 2020) The Lebanese Central Bank tasked on Thursday the country's banks and other financial institutions with providing exceptional US dollar loans with zero interest to the victims of Beirut's devastating explosion.
"[The bank orders] to provide those affected by the Beirut blast with interest-free loans in the US dollars that should be repaid within five years," the bank said in a statement, cited by local news outlets.
On Wednesday, the World Bank Group said that it was ready to help mobilize financial support for Lebanon and develop a recovery plan after the powerful explosion left half of the capital in ruins.
Beirut was severely hit by the massive explosion late on August 4, with at least 137 people killed and some 5,000 others injured, according to the latest data provided by the country's Health Ministry. Many are still missing.
Half of the city's buildings have been damaged, and hospitals are overcrowded due to a large number of blast victims. According to the authorities, the incident was caused by the improper storage of 2,750 tonnes of ammonium nitrate.
The three-day mourning period for the victims of the tragedy started on Wednesday and a two-week state of emergency in Beirut is in place, with a possible extension.
