The Islamic Development Bank Extends US$ 52 Million for Two Development Projects in Lebanon

Jeddah : Tuesday, March 14, 2006

H.E. Dr. Ahmad Mohammed Ali, the President of IDB and H.E. Ali Shalaq, the President of Development and Construction Council in Lebanon have signed today at the Bank's Head Quarters in Jeddah two agreements totaling US$52.1 million for developing and improving the infrastructure of Tripoli in the North of Lebanon and construction of eight new schools in Western Bekka'a and the South of Republic of Lebanon.

Under the first agreement, the Bank will extend US$43.2 million to finance the developing and improving of drinking water and drainage networks, and rehabilitating roads in Tripoli, beside providing engineering and consultancy services for the project.

In the second agreement, the Bank will provide US$ 8.9 million loan finance to participate in the construction and accommodation of eight schools in Western Bekka'a (Rashaia) and in the South of Republic of Lebanon (Gizin). The schools comprise 81 schoolrooms, laboratories and other utilities.