Sheikh Saleh Kamel, a Saudi billionaire, said today a group of Arab investors has launched a campaign to raise $2 billion for reconstruction and aid in war-torn Lebanon. In an interview with the Dubai-based Al Arabiya television, the prominent businessman said investors have already raised $280 million to help Lebanon, recovering from a 34 day war between Israel and Hizbollah guerrillas.

"We hope the total number of donations will reach $2 billion during Ramadan," he said of Islam's fasting month, which starts late in September. We are launching a media campaign next week to urge Muslims, non-Muslims and people from all religions to take part and contribute with their money to revive the Lebanese economy."

Sheikh Saleh said the money would be allocated to emergency aid such as food and school tuition, long-term loans both to individuals, small businesses and other institutions including government bodies. Lebanese officials have estimated that five weeks of Israeli air strikes caused some $3.6 billion in damage to the country's infrastructure. Beirut has won pledges of billions of dollars in aid, mainly from wealthy oil producing Arab states.

Saudi Arabia said in July it had placed $1 billion in Lebanon's central bank, in an effort to prop up the Lebanese pound, and made a separate donation of $500 million to help rebuild the battered country. Saudi Arabia has played a key role in supporting the Lebanese economy since 1990 and made clear it wants to maintain that role, partly to challenge the influence Iran exerts through its funding of Hizbollah.

Source: Sabcnews.com