Kuwait Funding Investment Projects in Lebanon
During his visit to Kuwait, Prime Minister Rafic Hariri secured a pledge from the Kuwait Fund for Arab Economic Development (KFAED) and the Arab Fund for Economic and Social Development (AFESD), based in the Emirates, to fund most of the $500 million project on the Litani River aiming to provide irrigation and power to South Lebanon. Kuwait also agreed to deposit an additional $100 million in the Central Bank for the coming three years, bringing its deposits to $200 million, following the decision by Saudi Arabia to renew a $500 million deposit for three years.
The source also mentioned that Hariri’s talks with KFAED officials covered the possible funding of $150 million for Elissar, a government-run project for the infrastructure rehabilitation of Beirut’s southern suburbs. KFAED reportedly renewed its pledge to finance a project that will connect electricity networks in six regional countries, including Lebanon, at a cost of $20 million. Since the end of the war, Kuwait has contributed a total of $415 million, of which $127 million were in the form of grants, to help finance major infrastructure projects in the country. — ( Banque du Liban et d'Outre-Mer Sal )
© 2001 Mena Report (www.menareport.com)