The people finally won.
Six years after its controversial launch, the Bisri Dam Project has been partially canceled by the World Bank due to the Lebanese government’s failure to meet required standards by September 4th, 2020.
For the first time in a while, most Lebanese politicians agreed on the Bisri Dam’s need as part of the 2010 National Water Sector Strategy. Considered as a response to the recent climate change projections, the Bisri Dam sought to provide clean-water security for the 1.6 million residents of the capital Beirut and the neighboring Mount Lebanon. …
Established in 1945, the International Monetary Fund, IMF, was designed to be a financial savior while the global economy swayed on the brink of permanent disaster after World War 2. Its primary objective was to extend monetary cooperation and maintain financial stability by offering resources to member countries in economic disarray. These funds would come from two sources: loans and quotas based on the state’s economic status. Recently, the IMF funding capacity totaled just over a trillion dollars.
Lebanon is a splendor from the Mediterranean coast, coated by the remnants of the Roman, graced by the touches of the Ottoman Empire, and polished by the influence of the French. And it’s the home of a legal Ponzi Scheme organized by its mastermind Riad Salame, the Governor of Banque du Liban (BdL) and the guardian of the Lebanese Republic’s darkest secrets.