Kuwait to finance Litani River project
Kuwait has pledged to provide most of the $500 million needed to complete the Litani River irrigation and power generation project in southern Lebanon.
The project will provide irrigation for the whole of the southern part of the country from which Israel withdrew last May after 22 years of occupation.
The Kuwait Fund for Arab Economic Development (KFAED)and Arab Fund for Economic and Social Development (AFESD)will provide the financing,while KFAID has also pledged $300 million to finance other development projects in the country.
Mr.Hariri said work could start this June on the Litani project and that the related feasibility studies have been finalized.
Since the end of Lebanon's 1975-1990 civil war, Kuwait has provided Beirut with a total of $415 million in aid, of which $127 million have been in the form of grants.
In parallel,the two countries signed three economic agreements on avoiding double taxation,on investment promotion and road transport. The accords aim to attract Kuwaiti investors to Lebanon by providing guarantees and protection.
© 2001 Mena Report (www.menareport.com)