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KFAED, AFESD to sign USD multi-mln loan agreement in Lebanon on Tuesday

Director General of Kuwait Fund for Arab Economic Development (KFAED) Abdulwahab Al-Bader
Director General of Kuwait Fund for Arab Economic Development (KFAED) Abdulwahab Al-Bader
BEIRUT, June 15 (KUNA) -- Director General of Kuwait Fund for Arab Economic Development (KFAED) Abdulwahab Al-Bader arrived to Lebanon Monday to sign a USD multi-million loan agreement.
The visit will see the signing of the second loan agreement, tomorrow Tuesday, for water transfer from the Litani River for the purposes of irrigation and supply of drinking water, Al-Bader told KUNA. He is accompanied by Abdullatif Al-Hamad, chairman and director general of the Kuwait-based Arab Fund for Economic and Social Development.
For the first phase of the project, The KFAED is contributing KD 21 million (USD 69.5 million), while the Arab Fund's is footing KD 30 million (USD 99.4 million), Al-Bader noted.
With the signing of tomorrow's agreement, the total covered by KFAED for the two-phase project would be KD 41 million (USD 136 million), while the Arab Fund's share would come up to KD 63 million (USD 209 million).
The signing ceremonies will take place at the Lebanese Grand Serail with the attendance of Parliament Speaker Nabih Berri and Prime Minister Tammam Salam. (end) ayb.hb