 Lebanon needs billions of dollars to recover from years of war and debt |
Ahead of the summit the US and France pledged $1.4bn (£711m; 1.08bn euros) in aid and loans.
Lebanon hopes to raise up to $9bn to recover from last year's conflict with Israel and massive public debt.
The forum, attended by 40 countries, comes amid anti-government protests in Beirut led by pro-Syrian parties.
Lebanon "more than ever needs the unanimous support of the international community," said the French leader.
"We know that financial stability is essential for political stability in Lebanon and so controlling the debt levels which after the hostilities of last year amounted to 180% of the entire national wealth is the first and most urgent task to be tackled."
In his opening comments Lebanese Prime Minister Fouad Siniora thanked the participants for their support:
"Such solidarity empowers Lebanon in its quest to regain its unique role as a bridge builder rather than a battleground, a place of encounter rather than a place of faultlines."
He added that Lebanon, which had been on the path to economic recovery before the conflict, was "now on the verge of a deep recession".
Three people were killed and more than 100 were injured in some of the worst street violence in the Lebanese capital for years on Tuesday, when a general strike brought the country to a standstill.
The Islamic Hezbollah movement, which called the strike, has warned of more unrest unless Mr Siniora steps down.
Debt-laden
Large parts of Lebanon's infrastructure were destroyed during Israel's attempt to wipe out Hezbollah last year.
The country is also heavily indebted from the effects of 15 years of civil war in the 1970s and 80s.
Donations and soft loans are needed to generate confidence, stimulate investment and break the circle of public debt that saddled the country with a massive $40bn burden, says the BBC's Jim Muir in Beirut.
On Wednesday, US Secretary of State Condoleezza Rice promised Lebanon a new $770m aid package as she left for the conference.
She said the pledge would bring the level of US aid to Lebanon since last summer to more than $1bn.
Hours earlier, Mr Chirac offered to lend Lebanon $648m at a concessionary rate, his spokeswoman said.
The European Union is promising another $518m in new aid and loans.
Cost of not helping
Economists in Beirut say the Paris conference is extremely important, coming at a time when the alarm bells are ringing on the financial markets there.
The cost of helping Lebanon... is much less than the cost of not helping Lebanon 
Lebanese prime minister
Speaking to the BBC, Lebanese Economy Minister Sami Haddad said any money raised would help clear the deficit.
"Most of it will go to reduce the debt and debt service... The grants that we will hopefully receive will reduce the debt principle.
"We will probably also get some project finance, ie funding related to implementing some infrastructure projects."
Speaking after lunch with Mr Chirac, Prime Minister Siniora warned potential donors that "the cost of helping Lebanon, however expensive that might seem, is much less than the cost of not helping Lebanon".
Economists say that anything above $3bn or $4bn in soft loans and grants would be good news.
Below that level, he adds, the gathering would be seen as having failed to demonstrate confidence in Lebanon.
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