Lebanese government demands conditions in order to approve extension of Solidere mandate

Lebanon's government has set conditions for extending the mandate of Solidere, the property company responsible for rebuilding much of Beirut's downtown area after the civil war. Solidere, which had its mandate initially set for 25 years and later extended in 2019 for another 10 years, has requested a 25-year extension. The government has laid out a series of terms for Solidere to meet before agreeing to the extension.

These terms include an independent audit of the firm's accounts, a system for measuring key performance indicators with binding timelines, an updated tax framework for future revenue-generating activities, and a commitment to a specific list of projects with clear completion dates and measurement criteria. The government wants Solidere to focus on revitalizing downtown Beirut, completing public-benefit projects, and enhancing culture and heritage, urban cohesion, and encouraging middle-class and small to medium-sized enterprises.

If these conditions are met, the government will provide an eight-year extension, with the possibility of an additional six years. Solidere has been working on projects such as Beirut Souks, an upscale commercial area, and the eastern marina on Beirut's waterfront, which aims to accommodate 115 boats. However, the company has faced accusations of harassment of landowners and rebuilding the area in a way that contradicts its original character, making downtown Beirut an exclusive enclave for upper-class Lebanese.