Saudi Arabia deposits one billion dollars in Lebanon''s central bank


Date : 25/07/2006

KUN0078 4 GEN 0158 FRANCE /AFP -DZZ0 ECO-LEBANON-SAUDI-DEPOSIT Saudi Arabia deposits one billion dollars in Lebanon's central bank BEIRUT, July 25 (KUNA) -- Saudi Arabia is depositing one billion dollars in Lebanon's central bank in a bid to prop up the exchange rate of the Lebanese pound, announced Tuesday Lebanese Prime Minister Fuad al-Siniora. Moreover Saudi Arabia has granted Lebanon USD 50 million to be used in assisting displaced Lebanese and evacuees seeking refuge from the ongoing military clashes between Hizbollah and Israel, said al-Siniora, in a statement issued by the government. Saudi Arabia, furthermore, has allocated USD 500 million for the establishment of an Arab fund to go toward defraying the cost of reconstruction of the war-damaged infrastructure in Lebanon, said al-Siniora. The statement by al-Siniora was announced on the eve of his departure to Rome to represent his country at an international conference on Lebanon. (end) sm.ajs KUNA 251758 Jul 06NNNN