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09 Apr 2018, Petia Krasteva, EMIS Editor

Saudi Arabia commits to provide USD 1bn soft loan to Lebanon

Saudi Arabia has reiterated its promise to provide USD 1bn soft loan to Lebanon to support its recovery, Nadim Mounla, an economic adviser to Lebanese Prime Minister Saad Hariri said as quoted by Arabian Business. Mounla was speaking on April 6th at the side-lines of an international conference held in Paris that aimed to collect donor assistance to help stabilization and development of Lebanon.

Years of political turbulence have hit hard on the Lebanese economy, while refugees fleeing neighbouring Syria post another challenge. Some 40 countries took part in the donor conference, Arabian Business said. Lebanon hoped to agree USD 4bn support package for the next four years. Other media reported that participants have committed USD 1.8bn in concessionary loans and USD 800mn in grants so far.

Sign in and read the full article in emis.com Original source: Arabian Business