Kuwaiti fund signs $ 65 million loan with Lebanon

The Kuwaiti fund for Arab Economic Development (KFAED) will sign a 20 million Kuwaiti Dinars loan agreement (approximately US$ 65 million) to contribute to financing Al-Litani river irrigation project, the fund director general Badr Al-Humaidi said on Monday.

THE KFAED chief made the announcement following a meeting with speaker of the Lebanese parliament Nabih Berri.

The Kuwaiti news agency KUNA says Al-Humaidi hoped that the project will be put into effect before the end of this year. He also briefed Berri on the fund's projects in Lebanon, mainly a project to re-build 850 houses in newly liberated villages and towns.

On the same day, he also met Lebanese President Emile Lahoud.

In its first stage, Al-Litani river project will cost US$ 217 million. KFAED will bring 65 millions, an Arab fund US$ 100 million and the Lebanese government US$ 52 million.