Loan agreement approved

Germany offers the government €7 million for ‘Jeita Spring Protection’

The parliament ratified a financial cooperation agreement signed with Germany in 2010.

The agreement states that Germany shall enable Lebanon to obtain a loan totaling €7 million ($9.5 million) for the ‘Protection of the Jeita Spring’ project. However, the agreement specified, if the project was found ineligible for promotion, it could be replaced by other projects, through the approval of the governments of the two countries.

The loan has an interest of two percent per annum, and duration of 30 years, including ten years free from redemption.

According to the agreement, the government should exempt the materials, motor vehicles, and equipment supplied for the project from custom duties, license, harbor dues, import and export duties, and other public charges.