The Finance and Budget Committee has recently approved a $250 million loan agreement that was agreed upon between the Lebanese Minister of Finance and the World Bank Country Director for the Middle East Department Mr. Jean-Christophe Carret in an endeavor to tackle the country’s electricity issues. The loan will have a tenor of 30 years and will have a grace period of eight years. In details, the loan will be channeled towards building solar power plants capable of generating 150 megawatts in the Baalbek-Hermel region that will achieve $40 million in cost savings per annum. In addition, the loan would be geared towards the development of a new transmission network, the creation of a control center for smart meters and the rebuilding of the electricity distribution control center, with the aim of reducing technical losses.