Arab fund signs 23 million dollars loan with lebanon

Kuwaiti Arab Fund for Economic and Social Development extended to Lebanon a 23 million dollar loan meant to develop the Lebanese electricity network, reports the Kuwaiti news agency KUNA.

The fund chairman Abdulatif Al-Hamad said the agreement is not only important for the Lebanese electricity grid but for power link among Arab states, as well.

The loan is to be reimbursed in 18 years with a four-year grace period.

The fund total loans to Lebanon reached US$ 705 million.