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Memorandum Of Understanding For The Financing Of The Reconstruction Programme Of Lebanon
17/10/2006: Signing a Memorandum of Understanding for the Utilization of the State of Kuwait's Grant of USD 300 Million for the financing of the Reconstruction Programme of Lebanon
A Memorandum of Understanding for the utilization of the State's of Kuwait's Grant to the Republic of Lebanon was signed today in Beirut between the Kuwait Fund for Arab Economic Development and the Republic of Lebanon represented by the council for development and reconstruction. The Grant which amounts to USD 300 Million will be administered by the Kuwait Fund and utilized in financing part of the cost of the Government of Lebanon programme for the reconstruction of areas devastated by the Israeli aggression.
The Memorandum of Understanding was signed on behalf of the Council for Development and Reconstruction by Mr. Nabeel Al-Jisr, the President of the Council, and on behalf of the Fund by Mr. Abdulwahab Al-Bader, the Director-General of the Kuwait Fund for Arab Economic Development.
The Grant aims at assisting the Government of Lebanon in its efforts to reconstruct Southern Lebanon and resettle the displaced citizens in their villages after the Israeli occupation has come to an end. The Grant will be allocated to provide emergency assistance funds for rebuilding houses for about 7300 beneficiaries in the villages, and to assist in meeting the costs of essential infrastructure and social services projects in the said villages. The Grant will also be utilized for financing projects for the restoration of essential infrastructure, social services, public buildings and special services in other parts of Lebanon.
Execution of Projects for rebuilding the houses and providing of services and related reconstruction activities is expected to be completed within a maximum period of one year.
It is worth mentioning that the Fund has previously administered Government of Kuwait's Grants totaling about USD 70 Million for financing of projects in the social and health sectors. In addition, the Fund had also provided to the Republic of Lebanon fifteen loans totaling 138 Million Kuwaiti Dinars equivalent to 469.2 Million U.S. Dollars to finance Projects in various sectors in addition to 4 technical assistances and grants totaling about KD. 2.4 Million equivalent to about 7.7 Million U.S. Dollars.