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.