Lebanese Prime Minister Najib Mikati has launched a $25 million fund to support the recovery of targeted micro and small enterprises (MSEs) damaged by the Beirut port explosion, a statement by Lebanon's Council of Ministers reported.

The Building Beirut Businesses Back and Better Fund (B5 fund) is financed by the Lebanon Financing Facility (LFF), a multi-donor trust fund established in December 2020 by the World Bank to pool grant resources from donors in support of the immediate socio-economic recovery of vulnerable people and businesses impacted by the explosion, Xinhua news agency reported.

"Today, with a great effort by the World Bank and the European Union, the B5 fund is the first emergency initiative to provide business enterprises with vital support and ensure their ability to continue in light of the multiple crises afflicting Lebanon," Mikati said.

Two big explosions rocked the Beirut port on August 4, 2020, killing more than 200 people, wounding over 6,000 others and destroying a big part of the city.

(With inputs from IANS)