Paris donor conference raises over 7 bln dollars in aid for Lebanon

Pledges made at a donors conference to raise money for Lebanon have reached more than 7.6 billion U.S. dollars, providing great financial backing to Lebanese Prime Minister Fouad Siniora's reform programs, French President Jacques Chirac said on Thursday.

"The total sum collected for Lebanon amounts to a little more than 7.6 billion U.S. dollars," Chirac told the conference, with the applauds from the representatives from more than 30 countries and international organizations, including UN Secretary-General Ban Ki-moon, U.S. Secretary of State Condoleezza Rice, and European Union (EU) foreign policy chief Javier Solana.

This result represents great diplomatic success for Siniora, who is confronted by a political crisis and demanded for dismission by the opposition demonstrators in the streets of Beirut.

The conference is "a unique occasion for reaffirming our faithful wish of a united Lebanon in all respects," said Chirac in his opening speech on the one-day conference aimed at providing financial aids to Siniora's economic reforms and providing relief to the country's 41 billion dollars debt burden.

"In our unanimous opinion, the substantially and immediately financial aid of the international community is absolutely indispensable for accompanying" the efforts of Fouad Siniora government's reform programs, said Chirac.

While highlighting the "urgency" of the situation, Siniora said that "If we don't realize the objectives of the reform programs, it would greatly put in danger our objectives of political and social stabilization."

He noted that Lebanon is "overwhelmed by the costs of destruction and the burden of debt," and the aid will contribute to all the Lebanese people and not be for a particular group.

Saudi Arabia pledged funds amounting to 1.1 billion dollars, the United States gave 770 million dollars while the European Union offered 520 million dollars. France gave loans totaling 650 million dollars in concessional terms.

The World Bank and European Investment Bank (EIB) gave one billion dollars and 1.25 billion dollars respectively. The Islamic Development Fund (IDF) pledged 250 million dollars for the rehabilitation of social services while the Arabic Development Fund for Economic and Social Development gave 700 million dollars. Several other countries offered economic aid of less significant proportions.

All these pledges take various forms such as grants, short and long-term loans.

Besides, Britain announced a grant of 48 million dollars towards Palestinian refugees living in Lebanon.

During the conference, some participants also sent indirect message to Syria, whose troops had occupied Lebanon for 30 years, as well as Israel.

Rice insisted on the importance of an absolute respect on the UN resolution on Lebanon, notably resolution 1701 which put an end to the war between Hezbollah and Israel.

"The neighboring countries of Lebanon should absolutely respect its unity, its independence and its sovereignty," said UN chief Ban Ki-moon.