Saudi Fund for Development extended $45 million for Damascus highway

Published March 19th, 2001 - 02:00 GMT

The Saudi Fund for Development (SFD) signed last week a low-interest loan agreement that would extend Lebanon SR168.75 million ($45 million) to help renovate the Beirut-Damascus Highway. The fund project would finance the implementation of a 15.5-Km section of the highway extending from Mdeirij to Chtaura.  

 

Field works would include 10 bridges with 7 underpasses, designed to overcome the traffic jams and facilitate transit trades with neighboring Arab countries. The new agreement brings the number of funds between the SFD and the Council for Development and Reconstruction (CDR) to 14. Agreements to carry out four more projects worth around $45 million and including water and road projects in the North, as well as the construction of 12 public schools in four governorates and four colleges of the Lebanese University, are expected to be signed in the future. This will bring the total amount of soft loans allocated by the fund to SR1.25 billion ($300 million). — ( Banque du Liban et d'Outre-Mer Sal )  

© 2001 Mena Report (www.menareport.com)

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