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Economy
Almotamar Net - Yemen and the Saudi Fund for Development on Sunday have signed the final agreement memorandum for contribution to financing the project of the dual highway linking the governorates of Amran-Sana’a –Aden, the second part linking Sana’a to Beit Al-Kumani at a cost of $329 million.

Sunday, 05-April-2009
Almotamar.net - Yemen and the Saudi Fund for Development on Sunday have signed the final agreement memorandum for contribution to financing the project of the dual highway linking the governorates of Amran-Sana’a –Aden, the second part linking Sana’a to Beit Al-Kumani at a cost of $329 million.

According to the memorandum the Saudi Fund offers Yemen $ 207 million as a grant and a sum of $113 million as a loan for funding the project that is 95 km long.

Also was signed in Sana’a today an understanding memorandum according to which the Saudi Fund contributes with a grant for financing the project of supporting the strategy for fighting malaria in the Arabian Peninsula with $4.600 million.

The two memos were signed for the Yemeni side by deputy Premier for economic Affairs, the Minister of Planning and International Cooperation Abdulkarim al-Arhabi and for the Saudi side by Deputy Chairman of the Fund Eng. Yusuf Ibrahim al-Bassam.

Signing the agreements is a translation of result of the donors conference held in London in November 2006 and as part of Saudi Arabia grant to contribute to funding projects of the investment programme of the third five-year plan for the economic and social development 2006-2010.

In a related context Deputy Chairman of the Fund affirmed Saudi Arabia standing by Yemen to encounter impact of the world economic crisis on the public and private sectors in Yemen.

In the consultative meeting on following up results of donors conference for Yemen and the half stage revision of the third five-year plan for development and alleviation of poverty for the period 2008-2010 held in Sana’a Sunday al-Bassam called on officials in the financing countries and foundations to contribute to maintaining support for Yemen with a more rapid rate than previously in order to mitigate impact of the economic crisis.

According to report by the Yemeni news agency Saba the Saudi official praised the role played by the Genial Secretariat of Gulf Cooperation Council states GCC in terms of coordination and follow-up with financers with the aim of speeding up allocations of pledges and implementation of the projects.

Al-Bassam also praised the level of progress in allocation of the donors pledges to Yemen and considered that as reflection of financiers trust in the steps taken by the Yemeni government in reforms and improvement of the investment climate.
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