LOC14:20
11:20 GMT
BEIRUT, March 30 (KUNA) -- Kuwait Fund for Arab Economic Development (KFAED) will continue functioning in Lebanon for another year, the fund chief announced on Monday, thus rescinding a previous decision to shut the fund local office.
Emerging from a meeting with Lebanese Prime Minister Tammam Salam, KFAED Director General Abdulwahab Al-Bader quoted the premier as expressing gratitude to Kuwait for extending the fund's mandate in the country. Premier Salam also praised its ventures in all regions of the country.
Al-Bader told KUNA the fund has executed more than 70 ventures since 2006, in addition to compensating for damage inflicted by the 2006 Israeli war on the country.
Meanwhile, Al-Bader signed, along with Chairman of the Lebanese Construction and Development Council Nabil Al-Jiser, a loan agreement, worth KD seven million, to fund renovation of a road in eastern Lebanon, linking the towns of Kirek with Riaq. The road overhauling is part of a venture in the region to build a bridge on the Litany river, sewage networks and light roads.
Al-Bader had previously announced that the fund, which opened a branch in the country in 2007, concluded its missions and would close down its operations.
The fund has lent Lebanon some KD 217 million, in addition to six donations worth KD 2.7 million.
(USD is currently traded at KD 0.299). (end)
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