The Kuwait Fund for Arab Economic Development approves $28.8m loan to Lebanon
- Kuwait loans Lebanon $28.8m for road project
- Kuwait fund also agrees $200m grant for Palestine
The Kuwait Fund for Arab Economic Development has agreed to loan Lebanon $28.8m to fund the upgrade of the road connecting Kark and Riyak.
The project, which aims to support the development of the Bekaa region by meeting the demand for the movement of goods and passengers, will consist of the rehabilitation and expansion of the existing road between the two towns.
The project involves the construction of three intersections, a bridge over the Litani River, and the relocation of utilities and sanitation facilities in the area.
The loan covers entire cost of the project in foreign currencies, while the remaining costs will be covered by the Lebanese government
On 7 April, the Kuwait Fund for Arab Economic Development also signed an agreement with Palestine for a $200m grant to support the Reconstruction Programme of the Southern Provinces initiative.