Kuwait continues support for Lebanon's development

Kuwait will continue its support for development ventures in Lebanon, said Director General of Kuwait Fund for Arab Economic Development (KFAED) Abdulwahab Al-Bader on Thursday. This came in separate statements by Al-Bader after meetings with Lebanese Parliament Speaker Nabih Berri, caretaker prime minister Najib Mikati, former prime minister Fuad Al-Siniora, with presence of KFAED's resident representative in Lebanon Nawaf Al-Dabbous and its Arab Regional Director Marwan Al-Ghanem. Al-Bader affirmed KFAED's support for development projects in Lebanon, noting his discussions with the Lebanese officials dealt with Al-Qaisamani Dam project, which KFAED funded with a loan of USD 21 million. The venture cornerstone was laid at Mount Lebanon resort of Hammana, on Wednesday. KFAED has contributed with USD 150 million for funding construction of the "Arab highway," he said, indicating that the Al-Hazmia-Sofar 24-km-long stretch of the freeway would be inaugurated later on Thursday. In addition, KFAED will soon sign a loan agreement, relating to water projects in Zahle city in Beqaa Governorate. Al-Bader explained in the meetings KFAED's past and future works in Lebanon and stressed that the fund would continue to support economic development in Lebanon. He also discussed other KFAED's projects that need to be approved by Lebanese Parliament. KFAED provided 20 loans to Lebanon, valued over USD 612 million, as well as grants totaling USD 420 million for ventures in the health, educational, agricultural and transportation sectors