Lebanon Businessnews News

Islamic Bank loan
for hydropower plants
Part of the Beirut Water Supply Project
Share     Share on Facebook     Share on LinkedIn    
The Council of Ministers approved yesterday a loan agreement with the Islamic Development Bank (IDB) to fund the remaining part of the Water Supply Augmentation Project. The funds will be used for the construction of two hydropower plants generating over 12 megawatts, a wastewater treatment plant, and a secondary water treatment plant.

The value of the loan is $128 million, according to Elie Moussalli, Project Director at the Council for Development and Reconstruction (CDR). These will be the first hydropower plants built in 50 years.

The agreement still requires Parliament’s approval.

Last November, Parliament consented in an extraordinary session, to a $474 million loan by the World Bank to fund the construction of Bisri Dam, a conveyor pipeline, and related structures, as part of the project.

Bisri Dam is located between the Chouf and Jezzine areas and will have a storage capacity of 125 million cubic meters of potable water, the second largest, after Qaraoun’s 210 million m3. It will supply drinking water, mostly to coastal areas like Damour, Nahmeh, Aramoun, the Beirut suburbs, Mkalles, and the two main reservoirs in Beirut located in Ashrafieh and Tallet Al Khayyat.
Reported by Yassmine Alieh
Date Posted: Jan 15, 2016
Share     Share on Facebook     Share on LinkedIn