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FINANCIAL NEWS
Kuwaiti fund extends $5.6m for Lebanon project
20 Feb 2006
(MENAFN) The Kuwait Fund for Arab Economic Development (KFAED) has signed a $5.6 million contract for bankrolling the establishment of a sports facility in southern Beirut suburb, Kuna reported.
The KFAED’s country representative in Lebanon Mohammed al-Sadeqi stressed the significance of existing partnership between Kuwait and Lebanon on development bases and principles.
The sports center in southern Beirut is just part of several projects funded by the State of Kuwait with a view to contributing to economic and social development in Lebanon, he said.
Southern Beirut infrastructure utilities were mostly devastated in the Israeli aggression on Lebanon in July 2006.
The Kuwaiti-financed sports project will greatly help in the reactivation and promotion of sports activities at the Lebanese suburb, al-Sadeqi added.
The 3,800 square meter sports facility is expected to be completed within 18 months’ time. The Kuwaiti fund and the municipality of the Lebanese suburb will contribute 68 percent and 32 percent of the project’s cost respectively, he said.
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