Islamic Development Bank Loans to Lebanon
The Islamic Development Bank, known for offering long-term loans to governments for financing major urban and rural projects, has signed five agreements totaling $147 million for projects in Beirut and South Lebanon:
§ Under the first agreement, the bank granted $100 million in interest-free loans for the reconstruction of the South and other regions affected by the Israeli occupation.
§ The second, amounting to $12.16 million, will go towards constructing a drinking-water station in the “Taibeh” region that would be sold later to the government.
§ The third agreement relates to a loan of $4.34 million, covering 80 percent of the total costs for the rehabilitation of six schools in the South.
§ The fourth involves $22.44 million to finance the sewage water network project in “Ghadir”, Beirut.
§ The fifth agreement is a Euro10 million ($11.7 million) loan to import educational equipment for the ministry of higher education. The loans have maturities of between 10 and 15 years with a 5-year grace period. — ( Banque du Liban et d'Outre-Mer Sal )
© 2000 Mena Report (www.menareport.com)