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.