AFESD grants Lebanon $57 million for infrastructure development
The Arab Fund for Economic and Social Development (AFESD) has granted the government of Lebanon a 17 million Kuwaiti dinar ($57 million) loan to finance infrastructure development in Beirut.
The project will progress in three phases, the first of which will cost $16 million and will be 90 percent financed by AFESD. The second phase, to cost $33 million is expected to be financed by the Islamic Development Bank (IDB) while the third phase, will be 46 percent funded by AFESD and will cost $15 million.
AFSED funds will be used to develop a new water drainage system and to renew the sewage network of the capital, as well renovating the streets of the city. The project’s total cost is expected to reach $125 million.
Established in 1974, AFESD is a multilateral Arab development corporation. Its membership consists of all states that are members of the Arab League. The Fund’s function is to assist the economic and social development of Arab countries through financing development projects, with preference given to overall Arab development and to joint Arab projects. — (menareport.com)
© 2002 Mena Report (www.menareport.com)