Lebanon Businessnews News

AFD funds major infrastructure works
Program worth a total of $162 million
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A funding agreement was signed between the government and the French Agency for Development (AFD) to finance capacity building services and studies worth $910,000. The agreement aims at helping prepare and support investments to boost local economic and social development.

The endowment is part of a larger infrastructure support program. Denis Cassat, Director of the AFD, said: “The funds will be used to provide technical assistance to the Council for Reconstruction and Development which will develop two water treatment plants in Maameltein and Zouk Mikael.” The project’s total cost will reach $13 million, co-funded by the European Investment Bank (EIB). Both parties have signed a financial agreement awaiting government ratification.

The program also includes a two-fold educational project estimated at $45.5 million. “The AFD will help finance the training of teachers and building of primary schools with the goal to improve academic curricula,” said Cassat.

A third project focuses on energy efficiency and will cost $104 million. “It is co-financed by the EIB which will pay $65 million, and the AFD will pay the rest.”

Financial agreements for the last two projects have not been signed yet.
Reported by Yassmine Alieh
Date Posted: Aug 14, 2013
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