Kuwait issued Lebanon a $32.5-million loan to finance the building of a water irrigation and pumping network at Mount Lebanon, north-east of Beirut, an official source said Saturday, June 9.
The agreement was signed by Badr Al-Humaidi, the director general of the Kuwait Fund for Arab Economic Development (KFAED) and Mahmoud Othmane, the president of Lebanon's Council for Development and Reconstruction (CDR).
Humaidi said the loan could be paid back over 25 years at 2.5 percent interest and that there would be a five-year period of grace before payments had to start. He added it was Kuwait's twelfth loan, as part of the $300-million (€353 million) aid program to Lebanon.
Humaidi met with Lebanese President Emile Lahoud, who asked him to pass on his thanks to Kuwait's emir, Jaber Al-Ahmad Al-Sabah. ― (AFP, Beirut)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)