Kuwaiti fund to finance Lebanese schools project

The Kuwait Fund for Arab Economic Development (KFAED) will provide 50% of the US$ 90 million needed for a schools project in the Lebanese capital of Beirut, reports the Kuwaiti news agency KUNA.

The decision was announced by Lebanese education minister Abderraheem Murad on Wednesday following a meeting with executives from the Fund. "It was agreed that the fund would finance a project to construct and re-construct 26 schools in Beirut," he said.

The rest would be provided by the Lebanese government, he said.

Meanwhile, the fund finance advisor Abdallah Al-Ebaidan said the project includes construction of 22 new schools and reconstruction and maintenance of another four and would serve about 40,000 students.

He added the loan would come at low interest.

In addition to schools, he said the project includes construction of playgrounds, parking areas and furnishing over a period of three-five years.

Al-Ebaidan said the fund had invested over US$ 400 million in projects in Lebanon over the past few years and there is also a sum of US$ 150 million in grants managed by the fund.