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Last update - 18:38 09/09/2006
Saudi tycoon: Arab investors launch bid to raise $2B for Lebanon
By Reuters

DUBAI - Saudi billionaire Sheikh Saleh Kamel said on Saturday a group of Arab investors has launched a campaign to raise $2 billion for reconstruction and aid in war-torn Lebanon.

In an interview with the Dubai-based Al Arabiya television, the prominent businessman said investors have already raised $280 million to help Lebanon, recovering from a 34-day war between Israel and Hezbollah.

"We hope the total number of donations will reach $2 billion during Ramadan," he said of Islam's fasting month, which starts late in September.
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"We are launching a media campaign next week to urge Muslims, non-Muslims and people from all religions to take part and contribute with their money to revive the Lebanese economy."

Sheikh Saleh said the money would be allocated to emergency aid such as food and school tuition, long-term loans both to individuals, small businesses and other institutions including government bodies.

Lebanese officials have estimated that five weeks of Israel Air Force air strikes caused some $3.6 billion in damage to the country's infrastructure. Beirut has won pledges of billions of dollars in aid, mainly from wealthy oil producing Arab states.

Saudi Arabia said in July it had placed $1 billion in Lebanon's central bank, in an effort to prop up the Lebanese pound, and made a separate donation of $500 million to help rebuild the battered country.

Saudi Arabia has played a key role in supporting the Lebanese economy since 1990 and made clear it wants to maintain that role, partly to challenge the influence Iran exerts through its funding of Hezbollah.
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Lebanese President tells Bush the future of Palestinian refugees is in their homeland.
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  1.   what about israel 18:52  |  Clever guy 09/09/06
  2.   Pampered child 18:58  |  Clever guy 09/09/06
  3.   Thankfully 20:10  |  Mark Lincoln 09/09/06
  4.   1. what about Israel ..... 20:13  |  some old Yid 09/09/06
  5.   The Rush to Rebuild Lebanon . 20:52  |  Joseph E . 09/09/06
  6.   THERE COULD HAVE PEACE 21:25  |  TOBIA 09/09/06
  7.   To Clever guy 21:32  |  Bob 09/09/06
  8.   7 to BOB 22:21  |  clever guy 09/09/06
  9.   To Bob 22:24  |  Lebanese pride 09/09/06
  10.   to Bob the Clever guy 22:55  |  Benyammeen Reeshmawy 09/09/06
  11.   Re #1 (what about israel) 23:03  |  Steve 09/09/06
  12.   To Bob #7 23:17  |  Bill 09/09/06
  13.   No point! 23:39  |  Georges 09/09/06
  14.   Saudi Arabia, Thanks 23:48  |  From the Moon 09/09/06
  15.   CLEVER Guy If they had not attacked Israel there would be no need 02:49  |  PETER SM 10/09/06
  16.   hmmm 02:52  |  paul 10/09/06
  17.   ISRAEL IS ALWAYS JEALOUS OF LEBANON 03:19  |  Claude 10/09/06
  18.   To Bob 03:29  |  Aman Lebanese 10/09/06
  19.   Israel = wrong place, wrong time 03:59  |  chad 10/09/06
  20.   #14 04:01  |  TOBIA 10/09/06
  21.   2B to rebuild Lebanon 04:25  |  Dwido 10/09/06
  22.   GARUNAR 12:00  |  JOHN WETZEL 26/09/08
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