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Saudi Arabia and Lebanon sign a loan agreement
Beirut,8th March 2001
Dr. Ibrahim Al-Assaf, Minister of Finance and National Economy of the Kingdom of Saudi Arabia and Chairman of the Saudi Development Fund (SDF), signed in Beirut today a soft loan agreement with Mahmoud Othman, Chairman of Lebanon’s Development and Reconstruction Council.

The loan, worth SR168,750,000, contributes to financing the Beirut/Elsham/Qissem el Meddereg/Shoutoura Road, which is designed to lessen traffic congestion.

“The Kingdom of Saudi Arabia under the leadership of Custodian of the Two Holy Mosques and his entrusted Crown Prince is keen to support Lebanon,” said Dr. Assaf upon signing the agreement.

He considered the agreement a further step in the close cooperation between the two countries.

“The Kingdom of Saudi Arabia has been standing by Lebanon for many years and has always been a sincere supporter of Lebanon in all past crises,” said Fouad Saniora, the Lebanese Finance Minister, who was attending the signing ceremony.

The just-concluded agreement brings to 14 the number of financing agreements with a total value of SR739 million covering various developmental sectors.

There are four other projects for which a loan of SR168.75 million has been earmarked.

The Saudi government has also made a direct grant of SR375 million worth of financial assistance to help fund 14 development projects currently under construction in Lebanon.

Source: SPA

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12 March 2001 07:19:05 PM

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