Nov 08 2008 |
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CDR gets soft loan to complete Arab Highway
08 November 2008
BEIRUT: Kuwait granted Lebanon's Council for Development and Reconstruction (CDR) a $118.7 million soft loan on Friday to complete construction of the Arab Highway.The loan was provided by the Kuwait Fund for Arab Economic Development , which helps finance projects in the Arab world. The Arab Highway, initially launched seven years ago, aims to connect Lebanon to Syria, Jordan and other Arab countries. The project has been interrupted several times due to a lack of funds and occasional security incidents. CDR President Nabil Jisr said the Arab Highway would dramatically ease traffic congestion. He added that Kuwait has more than doubled its share of the project due to rising costs. The project is scheduled to start next spring and to be completed in four years. - The Daily Star
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