Development of Main Roads (Pan Arab Northern Motorway and Zouk Mosbeh – Jeita Road), in the Republic of Lebanon
A loan agreement for KD 56 Million was signed in the Dead Sea area in the Hashemite Kingdom of Jordan on the 10th of April 2018 between the Government of the Republic of Lebanon and the Arab Fund for Economic and Social Development. The loan will help finance the Development of Main Roads (Pan Arab Northern Motorway and Zouk Mosbeh – Jeita Road).
The loan agreement was signed by H.E. Engineer Nabil Al-Jisser, President for the Council for Development and Reconstruction, on behalf of the Lebanese Government, and by H.E. Mr. Abdlatif Yousef Al-Hamad, Director General/Chairman of the Board of Directors of the Arab Fund, on behalf of the Fund.
The project aims at improving land transportation services on the main corridors of the road network in Lebanon in order to accommodate the rapid increase in road traffic and reduce traffic accidents. The project also aims at contributing to the economic and social development of the regions that the project passes through in the North, Akkar and Mount Lebanon governorates.
The project includes the following main components:
The loan will carry interest at 2.5% per annum, and will be repayable over 30 years with a 7 years grace period.
The Council for Development and Reconstruction will be responsible for the implementation of the project, while the Ministry of Public Works and Transportation will be the beneficiary from the loan.
With the signing of this loan, the Arab Fund’s total contribution to financing projects in the Republic of Lebanon amounts to KD 545 million.