Beirut: According to a statement released by Lebanon's Council of Ministers, Lebanese Prime Minister Najib Mikati has established a USD25 million fund to assist in the recovery of selected micro and small enterprises (MSEs) injured by the Beirut port explosion.

According to reports, the Lebanon Financing Facility (LFF), a multi-donor trust fund established by the World Bank in December 2020 to pool grant resources from donors in support of the immediate socio-economic recovery of vulnerable people and businesses impacted by the explosion, is funding the Building Beirut Businesses Back and Better Fund (B5 fund). "Today, the B5 fund is the first emergency initiative to give business businesses with essential help and assure their ability to continue in light of the many problems hitting Lebanon, thanks to a great effort by the World Bank and the European Union," Mikati added.

On August 4, 2020, two large explosions struck the Beirut port, killing over 200 people, injuring over 6,000 more, and destroying a large portion of the city.

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