Beiruti
August 11th, 2007, 02:21 AM
KFAED finances 12 projects in Lebanon
Published Date: August 10, 2007
BEIRUT: Kuwait Fund for Arab and Economic Development (KFAED) is financing a host of development projects in Lebanon as part of Kuwait's donation for reconstruction in the wake of last summer's Israeli war. Twelve financing pacts were signed yesterday by the KFAED resident representative in Lebanon Mohammad Al-Sadeqi with head of Lebanon's Council for Development and Reconstruction (CDR) Nabil Adnan Al-Jesr. Prime Minister Fouad Siniora attended the signing ceremony.
The pacts are worth $ 45,850 million, including seven projects in Beirut's southern suburb and five in South Lebanon, Baalbek, Akkar, Tripoli and other parts of the country.
In the southern suburb, $ 10 million will go for building two schools, $ 4.2 million for establishing a sporting and social club and another social center in Burj Al-Barajena. Other projects in the area cover sewage drainage, an emergency center, installing street lampposts and repairing roads.
KFAED financing will also be used for rehabilitating hospitals and medical centers, as well as consultancy services for infrastructure projects in 25 villages in the South. Electricity and water projects are also included.
Following the ceremony, Al-Sadeqi announced the launch of the first phase of the economic and social projects financed by the Kuwaiti donation for reconstruction in Lebanon.
Al-Jesr said the Kuwaiti donation for reconstruction in Lebanon hit $ 300 million, to be used for compensations to the towns and villages affected by the war in addition to development projects. He added that the twelve projects of Friday's pacts were the first phase.
He noted that KFAED would manage the donation directly through its office in the Lebanese capital, saying the projects were expected to be accomplished within the coming months. Following the Israeli war against Lebanon, Kuwait also deposited $ 500 million in the Central Bank of Lebanon for supporting the Lebanese economy. --- KUNA
Published Date: August 10, 2007
BEIRUT: Kuwait Fund for Arab and Economic Development (KFAED) is financing a host of development projects in Lebanon as part of Kuwait's donation for reconstruction in the wake of last summer's Israeli war. Twelve financing pacts were signed yesterday by the KFAED resident representative in Lebanon Mohammad Al-Sadeqi with head of Lebanon's Council for Development and Reconstruction (CDR) Nabil Adnan Al-Jesr. Prime Minister Fouad Siniora attended the signing ceremony.
The pacts are worth $ 45,850 million, including seven projects in Beirut's southern suburb and five in South Lebanon, Baalbek, Akkar, Tripoli and other parts of the country.
In the southern suburb, $ 10 million will go for building two schools, $ 4.2 million for establishing a sporting and social club and another social center in Burj Al-Barajena. Other projects in the area cover sewage drainage, an emergency center, installing street lampposts and repairing roads.
KFAED financing will also be used for rehabilitating hospitals and medical centers, as well as consultancy services for infrastructure projects in 25 villages in the South. Electricity and water projects are also included.
Following the ceremony, Al-Sadeqi announced the launch of the first phase of the economic and social projects financed by the Kuwaiti donation for reconstruction in Lebanon.
Al-Jesr said the Kuwaiti donation for reconstruction in Lebanon hit $ 300 million, to be used for compensations to the towns and villages affected by the war in addition to development projects. He added that the twelve projects of Friday's pacts were the first phase.
He noted that KFAED would manage the donation directly through its office in the Lebanese capital, saying the projects were expected to be accomplished within the coming months. Following the Israeli war against Lebanon, Kuwait also deposited $ 500 million in the Central Bank of Lebanon for supporting the Lebanese economy. --- KUNA