World Bank: Lebanon to Endure Over $8 Billion in Economic Loss Due to Beirut Blast

World Bank: Lebanon to Endure Over $8 Billion in Economic Loss Due to Beirut Blast

The World Bank says the devastating blast that tore through Lebanon's capital earlier this month, killing 190 people and injuring more than 6,500 others, has inflicted $8.1 billion in damage and economic loss on the cash-strapped Arab country.

The international financial institution announced in an assessment on Monday that the cost of material damage from the August 4 explosion caused by the detonation of nearly 3,000 tons of unsecured ammonium nitrate, ranges from $3.8 billion to $4.6 billion, while economic damage amounts to $2.9 billion to $3.5 billion.

The estimate, titled "Rapid Damage and Needs Assessment“ and carried out in cooperation with the United Nations and the European Union, noted that Lebanon needs from $605 million to $760 million in urgent financial aid in order to bounce back from the calamity.

The economic sectors most