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IBD offers two loans to Lebanon
Lebanon-Regional, Economics, 5/12/2003
The Islamic Bank for Development has offered two loans at a value of 47.5 million dollars for Lebanon to contribute to financing certain developmental projects.
Two agreements to this effect were signed in Jeddah, the headquarters of the Bank. According to the first agreement, the bank provides a loan of 10 million to be refunded within a period of 20 years including a five year grace period, while according to the second agreement the bank provides 37.5 million.
The two agreements were signed by the chairman of south Lebanon building council Jamal Eitani and the chairman of the said Bank Ahmad Muhammad Ali.
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The practice of lending to developing and underdeveloped governments should end
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