Jan 25, 2007, 11:30 GMT
Paris - French President Jacques Chirac on Thursday opened an international donor conference for the reconstruction of Lebanon two days after violent turmoil shut down its capital Beirut.
French president Jacques Chirac (L) greets Lebanese PM Fuad Siniora (R) at the Conference for Support on Lebanon, in Paris, France, Thursday 25th January 2007. Thirty three countries have joined France in this event. EPA/CHRISTOPHE KARABA
In his opening address, Chirac said it was 'absolutely indispensable' that the international community gives 'substantial and immediate financial support' to Lebanon.
'Financial stability is essential to Lebanon's political stability,' the French president said, and described the country as 'a nation that stubbornly wants to be reborn and more than ever needs the unanimous support of the international community.'
Chirac and Lebanese Prime Minister Fouad Seniora are hoping to raise some 5 billion dollars in aid and loans to help Lebanon pay off part of its public debt, estimated at 41 billion dollars, and to rebuild parts of the country destroyed in last summer's bombardment by Israel.
Some 40 countries are taking part in the conference, including the United States, European Union nations and representatives of Sunni Arab states from the Middle East.
In addition, senior officials from the World Bank, the International Monetary Fund and the secretary-general of the Arab League, Amr Moussa, are also participating.
On Wednesday, during a meeting with Seniora, Chirac pledged a loan of 500 million euros (650 million dollars) at what was described as 'very advantageous terms.' In addition, the European Commission announced Wednesday that it would pledge 400 million euros at the conference.
US Secretary of State Condoleezza Rice, also present at the conference, said Wednesday that Washington would release 770 million dollars in aid, with 220 million dollars earmarked for military aid for Seniora's embattled government.
The aid must still be approved by the US Congress.
The conference is crucial for the survival of Seniora's government, which has come under intense pressure from opposition parties, led by the radical Shiite group Hezbollah, to resign or form a government of national unity. Seniora has rejected both demands.
On Tuesday, three people died and some 170 were injured in violence as Hezbollah and its allies shut down the country through a series of protests.
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