Lebanon-Saudi Arabia sign a memorandum of understanding

A memorandum of understanding was signed on Tuesday in Beirut between the Lebanese development and construction council and the Saudi Bank for Development.

It stipulates that the Saudi fund will offer US $100 million to help finance development projects in Lebanon specified by the council and the fund.

Another agreement was signed according to which the Saudi fund will provide a surplus loan estimated at 6 million Saudi riyals to build three hospitals in Lebanon. Earlier the fund offered a 36 million riyal loan to Lebanon. The two documents were signed by the Fund's director, Muhammad Bin Abdullah Soukair, and the Lebanese minister Nabil Jisr, head of the Council for Development and Reconstruction.

The new funds will be used for construction of three hospitals and other development projects.

The loan has a two percent interest rate and will be repaid over a 25-year period with a five-year grace period.