Arab Monetary Fund and Lebanon sign $15.3 million agreement

Lebanon signed a loan agreement of $15.3 million with the Arab Monetary Fund and another of $30 million credit line from the Arab trade financing program, it was announced in Abu Dhabi on Saturday.

The agreements were signed by Lebanese Finance Minister George Korm and the chairman-director general of the Arab Monetary Fund, the executive manager and chairman of the Arab trade financing program.

The loan represents 75% of Lebanon's transferable currency paid shares to the capital of the fund, a press statement said.

Cooperation between Lebanon and the Arab Monetary Fund is not constricted to finance but also includes training of Lebanese technical personnel working in the official monetary, finance and statistic authorities.

The credit line agreement presented by the Arab trade financing program will be automatically renewed, the statement said.