Iran grants $40m in loan to Lebanon for dam building

Iran has granted Lebanon a $40 million loan to finance the construction of a water dam, which is supposed to be completed in three years.

Lebanese Energy and Water Minister Gebran Bassil and Iranian Energy Minister Majid Namjoo inked a deal in Beirut on Friday.

The project will be implemented in Balaa area.

The deal would include the execution of the dam as well as installation of sanitary water in the area.

In May, Iranian First Vice-President Mohammad-Reza Rahimi said that the value of Iran-Lebanon trade is around $150 million, noting that the two countries have decided to increase the level of their bilateral transactions by 14 times as much the current level.

Rahimi went on to say that based on a $-1.5 billion investment plan, Iran is set to build three 500-megawatt power plants in Lebanon, adding that further agreements have been made for the construction of six 25-megawatt plants at the value of $150 million as well as transfer of 50 megawatts of electricity to Lebanon through the Iraqi and Syrian soil.

Tehran and Beirut have also agreed to finalize a mutual free trade agreement, grant immediate and free visas to applicants from both states and facilitate the activities of business entities.