By Omar Al-Halabi (with photos)
BEIRUT, May 2 (KUNA) -- Kuwait Fund for Arab Economic Development (KFAED) signed on Wednesday an agreement to grant Lebanon a supplementary loan of USD 7.5 million to continue constructing 14 schools in Beirut.
The accord was signed by the fund's Director-General Abdulwahhab Al-Bader and head of Lebanon's Council of Development and Reconstruction (DCR) Nabeel Al-Jesr, with the attendance of Lebanese Education Minister Khaled Qabbani and Kuwaiti Charge D'Affaires Tareq Al-Hamad.
In a press statement, Qabbani lauded Kuwait's overall support for Lebanon, noting it was based on mutual respect and brotherly cooperation.
On his part, Al-Bader explained that the initial loan, signed in 2002, was worth USD 50 million, noting that both loans were merged to be paid over 24 years with a five year grace period at an annual interest rate of 5.1 percent.
The number of schools was supposed to be 22, but the increasing cost of building material led to decreasing the number to 14.
The fund has so far signed 16 loans agreements with Lebanon totaling USD 452 million. Through the fund, Kuwaiti government extended six grants to Lebanon worth about USD 371 million.
