AFD provides $26 million-loan for Cultural and Urban Development
The Council for Development and Reconstruction (CDR) signed a loan agreement with the French agency for development (Agence Française de Développement, AFD). The €20 million-loan ($26 million at present) will provide the funding needed to complete remaining construction works under the ‘Cultural Heritage and Urban Development’ project in the cities of Tripoli and Tyre.
The Cultural Heritage and Urban Development project was initiated in 2003. The total cost estimated then was $61.89 million. The AFD had initially provided $11 million to fund the project. The World Bank provided $31.5 million. The Italian government provided $10 million. The government of France provided $1 million. The remaining amount was covered by Lebanon.
The project was created with the purpose of promoting economic development and improving the conservation and management of the built cultural heritage. It included the cities of Saida, Baalbeck, Byblos, Tripoli, and Tyre.
The project's closing date was extended from June to December 30, 2011.
According to the World Bank, the project was significantly delayed due to defaulting contractors, uncertainties associated with rehabilitation works on historic sites, and political instability.
Date Posted: Dec 15, 2011