Sunday, March 6, 2011

AFESD grants $329 mln to fund development projects in Yemen

SANA'A- Mar 6, 2011- Yemen and Arab Fund for Economic and Social Development (AFESD) signed here on Sunday five financing agreements and Memorandum of Understandings (MoU) worth $329 million to finance development projects in Yemen.

The agreements and MoUs signed by Minister of Planning and International Cooperation Abdul-Karim al-Arhabi and Chairman of AFESD Chairman of Board of Directors and Director-General Abdullatif Al-Hamad.

Under the agreements and MoUs, the AFESD grants $42 million as a contribution to finance the completion of Dhamar - Husaineya road project, which aims at linking the central region with the western region to facilitate transporting the agricultural products and to activate tourist movement as well.

Moreover, the fund provides $150 million to contribute to finance the second gas power plant project in Mareb governorate, whose capacity will reach 400 MW. The AFESD grants $100 million as a contribution to finance the forth phase of the Social Fund for Development (SFD).

The agreements also stipulate providing $ 35 million by the AFESD to contribute to fund the third phase of the major intersections project in the Capital Sana'a. In addition, the fund presents $1.8 million to complete the restoration of the Grand Mosque in the Old City of Sana'a.

After the signing ceremonies, al-Arhabi valued highly the contributions of AFESD in propping up the development in Yemen and the great role made by the AFESD Chairman of Board of Directors in understanding the development needs in Yemen.

The AFESD Chairman of Board of Directors asserted the AFESD's keenness on continuing to present all available assistance to Yemen.

It is worth to mention that AFESD's contribution in the development project in Yemen reaches $2.5 billion.

Source: (Saba)

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