Lebanon, IDB sign five deals worth USD 372.67 mln

BEIRUT, March 24 (KUNA) — Lebanon has signed five new financing agreements, worth USD 372.67 million, with the Islamic Development Bank (IDB) in the Lebanese capital Thursday.
The agreements aim at financing a number of development projects involving roads, water, and sanitation at various Lebanese areas.
The first agreement includes contributing in the Basri Dam project to provide healthy drinking water for the Beirut region, while the second agreement includes financing a project to develop and manage sanitation services in Al-Ghadeer province, southern the capital.
The third agreement to finance a project to provide Jabal Amel region in southern Lebanon with healthy drinking water, while the fourth agreement to complete the southern coastal road. The fifth agreement includes financing the northern highway road project in Tripoli area, northern the country.
The agreements were signed by Chairman of the Lebanese Council for Development and Reconstruction Nabil Al-Jisr for the Lebanese side, and Dr. Ahmad Ali Al-Madani, IDB Group President, for the IDB side.
Founded in 1973, IDB is a multilateral development financing institution that is currently located in Jeddah, Saudi Arabia with 56 members.
It was formed by the finance ministers of the Organization of Islamic Cooperation (OIC) to contribute to efforts to implement development goals in Muslim countries, as well as other countries around the world. (end) wsm.ma