The Kuwait Fund for Arab Economic Development (KFAED) Arab Regional Director Marwan Al-Ghanem announced here on Friday that KFAED is to finance three new projects in Lebanon under the framework of Kuwait’s support of economic and developmental projects in the country.
Al-Ghanem’s announcement came following conclusion of a three-day official visit by a KFAED delegation, headed by Director General Abdulwahab Al-Bader, during which they inaugurated an avenue named after Lebanese President Michel Suleiman.
He stated to KUNA that the three projects are included in a loan agreement with the Lebanese government, represented by the Council for Development and Reconstruction (CDR), through which KFAED will finance a drinking water project for the city of Zahle in Beqaa Governorate, a slaughterhouse project in Tripoli and a sanitation project in Sarafand, South Lebanon.
Also, Al-Ghanem indicated that the total cost for all three projects is KD 37 million, noting that KFAED will provide soft loans for financing of these projects with a percentage of no more than 50 percent.
In addition, he affirmed that KFAED has agreed to provide soft loans to Lebanon in order to finance the Zahle project, noting at the same time that KFAED is waiting necessary procedures of Lebanese government to sign the loan. The loan for this project is around KD 60 million, equaling 48 percent of its total costs.
Al-Ghanem expressed satisfaction by the KFAED delegation towards work progress of implementation of Kuwait’s projects in Lebanon, noting that most of Kuwaiti financed projects in Lebanon, total of 54 and worth USD 300 million, had been accomplished as the rest are currently under achievement.
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