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| Lebanon conference urges support | |
| (about 2 hours later) | |
| A major donors' conference to help rebuild Lebanon has opened in Paris with French President Jacques Chirac urging international support. | |
| Ahead of the summit the US and France pledged $1.4bn (£711m; 1.08bn euros) in aid and loans. | |
| Lebanon hopes to raise up to $9bn to recover from last year's conflict with Israel and massive public debt. | |
| The forum, attended by 40 countries, comes amid anti-government protests in Beirut led by pro-Syrian parties. | The forum, attended by 40 countries, comes amid anti-government protests in Beirut led by pro-Syrian parties. |
| Lebanon "more than ever needs the unanimous support of the international community," said the French leader. | |
| Three people were killed and more than 100 were injured in some of the worst street violence in the Lebanese capital for years on Tuesday, when a general strike brought the country to a standstill. | Three people were killed and more than 100 were injured in some of the worst street violence in the Lebanese capital for years on Tuesday, when a general strike brought the country to a standstill. |
| The Islamic Hezbollah movement, which called the strike, has warned of more unrest unless Prime Minister Fouad Siniora steps down. | The Islamic Hezbollah movement, which called the strike, has warned of more unrest unless Prime Minister Fouad Siniora steps down. |
| Debt-laden | Debt-laden |
| Mr Siniora has powerful friends abroad but faces protests at home | Mr Siniora has powerful friends abroad but faces protests at home |
| Large parts of Lebanon's infrastructure were destroyed during Israel's attempt to wipe out Hezbollah last year. | Large parts of Lebanon's infrastructure were destroyed during Israel's attempt to wipe out Hezbollah last year. |
| The country is also heavily indebted from the effects of 15 years of civil war in the 1970s and 80s. | The country is also heavily indebted from the effects of 15 years of civil war in the 1970s and 80s. |
| The BBC's Jim Muir in Beirut says donations and soft loans are needed to generate confidence, stimulate investment and break the circle of public debt that saddled the country with a massive $40bn burden. | The BBC's Jim Muir in Beirut says donations and soft loans are needed to generate confidence, stimulate investment and break the circle of public debt that saddled the country with a massive $40bn burden. |
| On Wednesday, US Secretary of State Condoleezza Rice promised Lebanon a new $770m aid package as she left for the conference. | On Wednesday, US Secretary of State Condoleezza Rice promised Lebanon a new $770m aid package as she left for the conference. |
| DONORS' PLEDGES US: $770m aid package France: $648m "soft" loan EU: $518m class="" href="/1/hi/business/6169402.stm">Rebuilding Lebanon | |
| She said the pledge would bring the level of US aid to Lebanon since last summer to more than $1bn. | She said the pledge would bring the level of US aid to Lebanon since last summer to more than $1bn. |
| Hours earlier, French President Jacques Chirac offered to lend Lebanon $648m at a concessionary rate, Mr Chirac's spokeswoman said. | Hours earlier, French President Jacques Chirac offered to lend Lebanon $648m at a concessionary rate, Mr Chirac's spokeswoman said. |
| The European Union is promising another $518m in new aid and loans. | The European Union is promising another $518m in new aid and loans. |
| Debt problem | Debt problem |
| Economists in Beirut say the Paris conference is extremely important, coming at a time when the alarm bells are ringing on the financial markets there. | Economists in Beirut say the Paris conference is extremely important, coming at a time when the alarm bells are ringing on the financial markets there. |
| The cost of helping Lebanon... is much less than the cost of not helping Lebanon Fouad SinioraLebanese prime minister | The cost of helping Lebanon... is much less than the cost of not helping Lebanon Fouad SinioraLebanese prime minister |
| Speaking to the BBC, Lebanese Economy Minister Sami Haddad said any money raised would help clear the deficit. | Speaking to the BBC, Lebanese Economy Minister Sami Haddad said any money raised would help clear the deficit. |
| "Most of it will go to reduce the debt and debt service... The grants that we will hopefully receive will reduce the debt principle. | "Most of it will go to reduce the debt and debt service... The grants that we will hopefully receive will reduce the debt principle. |
| "We will probably also get some project finance, i.e., funding related to implementing some infrastructure projects." | "We will probably also get some project finance, i.e., funding related to implementing some infrastructure projects." |
| Speaking after lunch with Mr Chirac, Prime Minister Siniora warned potential donors that "the cost of helping Lebanon, however expensive that might seem, is much less than the cost of not helping Lebanon". | Speaking after lunch with Mr Chirac, Prime Minister Siniora warned potential donors that "the cost of helping Lebanon, however expensive that might seem, is much less than the cost of not helping Lebanon". |
| Economists say that anything above $3bn or $4bn in soft loans and grants would be good news. | Economists say that anything above $3bn or $4bn in soft loans and grants would be good news. |
| Below that level, he adds, the gathering would be seen as having failed to demonstrate confidence in Lebanon. | Below that level, he adds, the gathering would be seen as having failed to demonstrate confidence in Lebanon. |