Saudi fund to finance Lebanese lake project

BEIRUT, 30 January — The Saudi Fund for Development has signed an agreement to finance a lake project in north Lebanon at an estimated cost of SR37.5 million in the presence of Lebanese Premier Rafiq Al-Hariri and Saudi Ambassador to Beirut Fuad Mufti. The irrigation project in Al-Dhaniah would increase cultivable land in the region. The Saudi fund will provide 90 percent of the total cost of the project, said Muhammad Al-Suqair, director general of the fund, at a press conference here yesterday. It is one of 12 projects worth SR560 million being financed by the fund in Lebanon. (SPA)