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IFC announced five new investments and engagements in a statement to expand access to finance and energy, support the growth of the manufacturing sector, and create jobs across Lebanon.
In close coordination with the WBG’s International Bank for Reconstruction and Development, IFC will serve as the lead transaction advisor to the government of Lebanon, working closely with the High Council for Privatization and PPPs and the Ministry of Energy and Water to promote efficient power generation by structuring and implementing a gas-to-power project.
IFC said the agreement supports the development of a floating storage and regasification unit (FSRU) to import, store, and regasify liquefied natural gas (LNG).
Additionally, the project includes modernizing the 465-megawatt Deir Ammar I power plant into a more efficient, higher-capacity independent power producer.
It also includes the construction of a new 825-megawatt combined-cycle gas turbine plant, Deir Ammar II, to boost generation capacity.
“Once completed, the projects will expand access to reliable electricity, support the country’s shift to more renewable energy, improve the efficiency of Lebanon’s electricity sector, reduce its reliance on diesel, and cut down the cost of electricity generation,” IFC said.
IFC did not provide further details.
Lebanon has no LNG import facilities, and it previously launched tenders for FSRU-based facilities.
On the other hand, the World Bank has earlier this year approved a project aimed at helping Bangladesh’s state-owned company Petrobangla to secure LNG supplies.
Washington-based World Bank said that its board of executive directors approved two projects totaling $640 million to help Bangladesh improve gas supply and air quality.