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Saudi king offers Lebanon $1.5bn

BBC Last Updated: Tuesday, 25 July 2006, 16:49 GMT 17:49 UK


Damur bridge, damaged in an Israeli air strike, 18km south of Beirut 15 July 2006

Israeli air strikes have destroyed much Lebanese infrastructure

King Abdullah of Saudi Arabia has promised to give $500m to Lebanon to pay for reconstruction. He also approved $1bn for the Central Bank of Lebanon to support the economy.

The Saudi monarch warned that Israel’s military offensives in Lebanon and Gaza could ignite a war in the region.

He has held talks with Egypt’s President Hosni Mubarak in the Saudi capital Riyadh ahead of a conference on Lebanon in Rome on Wednesday.

Pressure on the Lebanese pound has risen over the past fortnight during the military action by Israel in response to Hezbollah’s capture of two Israeli soldiers in a cross-border attack.

Lebanon billions adrift

Experts estimate the damage to the Lebanese economy at around $2bn, with investors and tourists fleeing, and believe that the government is set to lose out on $600m in earnings.

Saudi Arabia has been a major backer of Lebanon since the 1975-1990 civil war was ended with a peace deal in the Saudi town of Taif.

King Abdullah of Saudi Arabia

If the peace option fails because of Israeli arrogance, there will be no other option but war

Lebanon economy reels

The king has coupled his aid promises with unusually forthright comments about the crisis.

“Saudi Arabia warns everybody that if the peace option fails because of Israeli arrogance, there will be no other option but war,” he was quoted as saying by state media.

Saudi Arabia and Egypt have called for an immediate halt to the Israeli offensive but have also blamed Hezbollah for starting the fighting.

That criticism sparked a wave of anger in the Arab world.

The BBC’s Magdi Abelhadi in Cairo says there is a fear that the scale of Lebanese casualties is being used by radical opposition groups across the region to mobilise public opinion against moderate leaders like King Abdullah and President Mubarak.

UN appeal

The Saudi government is also to give $250m to the Palestinians, who are suffering the effects of an Israeli onslaught following the capture of an Israeli soldier by Gaza-based militants.

The Saudi aid pledges come after the UN on Monday launched a $150m (£81m) aid appeal for Lebanon.

The UN’s top humanitarian official, Jan Egeland, said the money was needed to help feed and shelter about 800,000 civilians caught up in the conflict.

The US has announced a $30m package to ease the suffering of civilians.

The EU has already pledged $12.6m in aid.

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This entry was posted on 27 July, 2006 by in Empire, War and Terror, Israel, Lebanon.

Timely Reminders

"Those who crusade, not for God in themselves, but against the devil in others, never succeed in making the world better, but leave it either as it was, or sometimes perceptibly worse than what it was, before the crusade began. By thinking primarily of evil we tend, however excellent our intentions, to create occasions for evil to manifest itself."
-- Aldous Huxley

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-- Diane DiPrima, "Rant", from Pieces of a Song.

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to get the news from poems
yet men die miserably every day
for lack
of what is found there"
-- William Carlos Williams, "Asphodel, That Greeny Flower"