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

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020