Kuwait Grants Lebanon $35m Loan
Kuwait granted Lebanon a 20-year soft loan of $35.2 million on Thursday to help build a highway linking Hazmieh area, eastern Beirut, with the mountain town of Sofar, reported the Daily Star newspaper.
The loan is aimed at helping the government complete the first phase of a superhighway from Beirut to the Syrian border, said the paper.
The project also aims at reducing the chronic traffic congestion between Beirut and the mountains.
The Kuwaiti loan will cover 70 percent of the actual cost of the first phase of the highway, the paper said.
Lebanon will settle the loan over a 20-year period with an interest rate of 3 percent only, according to the paper - Albawaba.com
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