China agreement yields
$11 million in financing
To be bartered against local products
The Council for Development and Reconstruction (CDR) signed two loan agreements totaling $8 million and a $3.3 million in-kind grant agreement with the Embassy of China to finance public projects.
The loans have zero interest and will be repaid over a period of ten years. “The loans may be bartered against Lebanese products instead of money,” said Wafaa Charafeddine, Director of Funding at CDR.
The projects that will be financed have not yet been selected. “We will act as counterparts to discuss potential projects,” she said. Purchasing equipment for public administrations is an example of the projects that the loans may be used for. The selected projects will be evaluated by the Chinese Embassy prior to approval.
Reported by Yassmine Alieh
Date Posted: Sep 14, 2015