Bush wants firms to help Lebanon

President Bush wants US firms to do their bit

President George W Bush has called on US companies to throw their weight behind rebuilding efforts in Lebanon.

His comments came as it was announced that US agency Overseas Private Investment Corporation and private bank Citigroup are to invest $160m (£84m).

The public-private partnership is offering the capital to Lebanese small and medium-sized companies.

It comes on top of the $250m (£132m) in aid pledged by the White House. Mr Bush said he wants Lebanon to "flourish".

Important mission

"Our goal, and our mission, is to help Lebanese citizens and Lebanese businesses not only recover, but to flourish, because we believe strongly in the concept of a democracy in Lebanon," said Mr Bush.

Rebuilding Lebanon is going to take a lot of time and money

The $250m already pledged by the US government includes funds to bolster the Lebanese army, emergency assistance for displaced people, and cash to help the rebuilding process.

"This is a very important mission for our country," said Mr Bush.

He met with executives from US computer giants Cisco and Intel, and bosses from Occidental Petroleum Corp and engineering firm Ghafari.

Cisco president and chief executive John Chambers said his firm had pledged $10m for a job program to help young people in southern Lebanon.

An international donor conference held in Sweden last month received pledges of $940m in aid for Lebanon.