The devastating blast at the Port of Beirut earlier this month caused up to $4.6 billion in damage to infrastructure and physical assets, the World Bank Group said Monday.
The blast on Aug. 4 destroyed one-third of the Lebanese capital, killed more than 180 people, wounded another 6,000 and left some 300,000 homeless.
Preliminary estimates show it also caused between $3.8 billion and $4.6 billion in physical damage, the World Bank said following an assessment conducted together with the United Nations, the European Union, several Lebanese ministries, civil society organizations and other key stakeholders.
"Losses including changes in economic flows as a result of the decline in the output of the economic sectors are estimated to be in the range of 2.9 and 3.5 billion dollars," it said.
Areas that have been severely affected are housing, transport and cultural assets, which include religious and archaeological sites, monuments and theaters.
"The disaster will not only exacerbate the contraction in economic activity, but also worsen poverty rates, which were already at 45% of the population just prior to the explosion," the report said.
Reconstruction efforts will require not only the rehabilitation and reconstruction of damaged buildings and infrastructure, but also the rebuilding of institutions and governance structures.
It added that Lebanon now needs 605 million to 760 million dollars in urgent financial aid to bounce back from the disaster.
The report came as the country selected diplomat Mustapha Adib as prime minister-designate to form a new government.
