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
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.