Crisis: AUB transfers $ 100 million to Lebanon

The American University of Beirut (AUB) has announced that it wishes to transfer $ 100 million in donations currently abroad to Lebanon, in order to continue paying its staff. This decision would have been taken following the collapse of the Lebanese pound against the dollar.

These funds should be repatriated to Lebanon during the next 3 years and should thus contribute to 35% of salaries in local dollars for 3 months then in « fresh » dollars the following months.

Fadlo Khouri also announced that 15% of teachers are expected to leave the school as early as next academic year, due to a 90% loss in their salaries.