Lebanon Businessnews News

€75 million from
Italy for infrastructure
To co-finance first phase of industrial cities
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A Framework Agreement was signed November, 16, to lend Lebanon 75 million euro ($80 million) in soft loans. The agreement was between the Council for Development and Reconstruction (CDR) and the Embassy of Italy. The loans will be used for wastewater, agricultural, and industrial projects.

The terms have been set at zero interest for 17 years with a five-year grace period.

Around 50 million euro ($54 million) will be used for wastewater systems in Hasbaya, Hermel, Bakhoun, and Bint Jbeil.

CDR Chairman Nabil Jisr said: “These are important projects because these areas have not benefited enough from public services.”

The remaining 25 million euro ($27 million) will co-finance the first phase of three industrial cities, support the agricultural sector, and promote cultural tourism.

Italy has already funded a feasibility study for the development of the industrial cities which will be located in Baalbek, Terbol, and Joun, in collaboration with the UN Industrial Development Organization (UNIDO).
Reported by Yassmine Alieh
Date Posted: Nov 17, 2016
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