Kuwait, Lebanon sign $33 million US deal

Lebanon and Kuwait fund for Arab economic development initialed a 33 million dollar loan agreement to promote road networks in Lebanon.

A statement by the Lebanese reconstruction and development council said on October 14 that the agreement was initialed on October Friday by the council head Nabil Al Jissr and KFAND head of engineers, Manaf Al Hajiri.

The statement said the KD 10 million agreement would help finance the Uzai Bridge and the southern entrance of Beirut to ease the daily traffic jam in the region.

The Two-kilometer bridge and the five kilometer entrance, in addition to engineers and technical supervision details are covered in the agreement The project would start with the new year and is expected to end by the year 2000.

The loan would be paid back over a period of 16 years, with a four-year grace period and an interest rate of 2.5 plus 0.5 per cent.

Al Hajiri arrived in Lebanon earlier in September heading a delegation to assess the project and its costs. KFAED extended loans totaling KD 60 million to Lebanon since 1966.

It also extended grants totaling 7.6 million Dollar to finance training courses, agriculture development and health facilities projects in the period between 1992 and 1996.

KFAED opened a bureau in Beirut in 1994 to supervise the distribution of the grant under the chairmanship of engineer Bassam Al Sabe.