Beirut damage is in the ‘billions,’ Lebanese central bank to offer interest-free loans for destroyed property

  • Date: 05-Aug-2020
  • Source: CNBC
  • Sector:Economy
  • Country:Lebanon
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Beirut damage is in the ‘billions,’ Lebanese central bank to offer interest-free loans for destroyed property

People walk at scene of an explosion in Beirut on August 4, 2020.ANWAR AMRO | AFP | Getty ImagesThe destruction wreaked on Lebanon's capital in the Beirut port explosion Tuesday that killed more than 100 people is in the "billions" of dollars, the country's central bank said Wednesday.The bank will approve interest-free loans for five years to individuals and companies who had property destroyed, a central bank official told CNBC's Hadley Gamble. It will also sell dollars to all importers of aluminum, wood or glass at the rate of 3,900 Lebanese pounds per dollar, well below the black market rate. Beirut's residents are in shock and mourning after the enormous explosion at the city's port ripped through miles of surrounding homes and businesses and injured more than 4,000 people. Hospitals are overwhelmed, with some