PARIS, France, The Kuwait Fund for Arab Economic Development (KFAED), will grant Lebanon a loan worth USD 500 million, over five years.
KFAED Director General, Abdulwahab Al-Bader, made the announcement, in his address to the Cedar conference, for supporting Lebanon’s economy, in Paris.
He reiterated Kuwait’s continued backing to Lebanon, till it restores its past economic status.
The sharp fall of Lebanon’s economy to an annual growth rate of just one percent is a main concern of the Kuwaitis and Lebanese, Al-Bader said.
He urged “friendly and sisterly countries” to support Lebanon, which “experienced hard conditions over the past years.”
The Kuwaiti delegation to the Paris conference includes a host of official from the fund and the foreign ministry.
Source: Nam News Network