Mubasher TV
Contact Us Advertising   العربية

KFAED, Lebanon ink KWD 11.2m loan

KFAED, Lebanon ink KWD 11.2m loan
(Photo Credit: Arabianeye-Reuters)

Kuwait – Mubasher: The Kuwait Fund for Arab Economic Development (KFAED) has signed a loan worth KWD 11.2 million ($36.9 million) with Lebanon to fund a number of water projects, according to KUNA news agency.

The projects aim to provide the country with an adequate supply of water for consumption and irrigation.

The loan will be partially used to fund a project to build eleven tube wells with a production capacity of 10,000 cubic metres per day, KFAED’s director general Abdulwahab Al Bader said.

The projects include the establishment of a lake with a reservoir capacity of 200 million cubic metres of water, and extension of pipes for a distance of 7 kilometres for irrigation.

Total planned projects are valued at KWD 15.8 million ($51.9 million), of which 70% are covered by the loan.

The 25-year loan will be repaid in 44 semi-annual instalments.