AFESD Grants Lebanon $35.2m Soft Loans
Kuwait granted Lebanon a $35.2m soft loan through the Kuwaiti
Fund for Arab Economic Development (KFAED) at an interest rate
of 3% over a period of 20 years with a 4-year grace period. The loan
is aimed at helping the government complete 70% of the actual cost
of the first phase of a superhighway linking Beirut to the Syrian
border. Moreover, the projects will aid in reducing the chronic traffic
congestion in Beirut and the surrounding mountains.
The fund has so far granted Lebanon about $250m, in addition to
another $7.7m worth of technical assistance.