BEIRUT: The massive explosion in Beirut earlier this month that killed and injured thousands of people has caused up to USD 4.6 billion in physical damage, the World Bank said in a report released Monday.
The August 4 blast was caused by the explosion of nearly 3,000 tons of ammonium nitrate stored at the Port of Beirut since 2014.
The blast killed 190 people, injured more than 6,000, left nearly 300,000 people homeless, destroyed much of the port and damaged entire neighborhoods.
The blast was the most destructive single incident in Lebanon's history with thousands of buildings, including residential homes, hospitals, schools and museums suffering considerable damage.
"This tragedy comes at a terrible time as Lebanon battles deep economic and social crises, exacerbated by the COVID-19 pandemic," said the report prepared by the World Bank in cooperation with the United Nations and European Union.
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Lebanon is mired in the country's worst economic and financial crisis in its modern history.
It defaulted on paying back its debt for the first time ever in March.
Lebanon's debt stands at about 170 per cent of GDP.
The World Bank said the overall damage incurred as a result of the explosion is in the range of USD 3.8 billion and USD 4.6 billion.
It added that in the social sectors, housing and culture are the most affected, enduring substantial damage totaling between USD 1.9 billion and USD 2.3 billion and USD 1 billion and USD 1.2 billion, respectively.
The World Bank also estimated economic activity losses to range between USD 2.9 billion and 3.5 billion.
The public sector reconstruction and recovery needs for 2020-2021 are estimated in the range of USD 1.8 billion and USD 2.2 billion, with USD 760 million needed before the end of the year.
The report added that international aid and private investment will be essential for comprehensive recovery and reconstruction.
The governor of Beirut, Marwan Abboud, earlier estimated the losses caused by the blast to stand between USD 10 billion and USD 15 billion.
Also on Monday, Judge Fadi Sawwan, who is leading the investigation into the port blast, issued two arrest warrants against the director of maritime transport at the Ministry of Transportation and a senior port official, state-run National News agency reported.
The new arrest warrants bring the total number of people detained in the case to 21, most of them port or customs officials.