Built to inform

Sign up for the daily newsletters

No, Thank you

Kuwait fund loans Lebanon $36.9m for water supply

The Kuwait Fund for Arab Economic Development (KFAED) has entered into a loan agreement worth $36.9m (KWD11.2m) with Lebanon, to be used on water projects for the country

KFAED is loaning Lebanon $36.9m, to be used to improve the country’s water supply.
KFAED is loaning Lebanon $36.9m, to be used to improve the country’s water supply.

The Kuwait Fund for Arab Economic Development (KFAED) has offered Lebanon a loan worth $36.9m (KWD11.2m).

The objective of the loan is to help provide Lebanon a steady supply of water for consumption and irrigation, according to a Kuwait News Agency (KUNA) report.

The agreement was signed on Saturday, 25 March, by Abdulwahab Al-Bader, director general of KFAED, and Nabil Al-Jassar, president of the Lebanese Council for Development and Reconstruction.

Following the signing, Al-Bader told KUNA that the loan will be used towards the delivery of adequate water supply to the Lebanese town of Bsharri, where residents have long suffered from lack of fresh water.

Al-Bader also said that having enough water will boost local agricultural production, which, in turn, will improve the economy of Lebanon.

The KFAED director general further shared that the loan will also fund a project to build 11 tube wells with a daily production capacity of 10,000m3.

Under the terms of the deal, the loan will be paid over a 25-year period, with yearly instalments to cover the expenses of the projects.

 

Most popular

Awards

New category open for consultancies at CW Awards 2019 in Dubai
Sub-Consultancy of the Year to be crowned for the first time at the gala ceremony

Conferences

Leaders UAE 2019: Pinsent Masons confirmed as Gold Sponsor
Law firm is among the major construction industry players confirmed as sponsors for Leaders UAE's
Leaders in Construction UAE Summit returns in Sept 2019
Dubai conference to see top officials discuss the people, trends, and challenges that will power

Latest Issue

Construction Week - Issue 745
Jun 30, 2019