Kuwait to lend Lebanon $24m for key road project
Kuwait Fund for Arab Economic Development has agreed to lend Lebanon $23.8m to fund the Kark - Riyak Road Project
The Kuwait Fund for Arab Economic Development has agreed to lend Lebanon $23.8m to fund the Kark - Riyak Road Project.
The Project aims to support economic and social development in the Bekaa region by meeting the demand for the movement of goods and passengers.
It consists of the rehabilitation, improvement and expansion of the existing road between Kark and Riyak.
Three intersections will be constructed on one level, and a bridge over the Litani River, in addition to the relocation of utilities and sanitation facilities, protection and road lighting and safety requirements. The Project also includes consultancy services for implementation supervision.
The Fund's loan covers about 100% of the project's costs in foreign currencies, while the remaining costs will be covered by the Government of the Republic of Lebanon.
The Loan Agreement was signed on behalf of the Republic of Lebanon by His Excellency Mr. Nabeel Al-Jisr, President of the Council for Development and Reconstruction, and was signed on behalf of the Kuwait Fund for Arab Economic Development by Mr. Abdulwahab Al-Bader, Director-General of the Fund.