Lebanon has secured grants and loans worth $11.5bn for redeveloping its disheveled infrastructure. But a lack of financing is far from the republic’s biggest concern.

April 6 was, by any measure, a good day for Lebanon. Asking for $6bn to finance phase-1 of its capital investment plan (CIP) at the Cedre conference in Paris, the cash-strapped government received $11.5bn in pledges from international donors. Prime Minister Saad Hariri called the contributions a “clear and...