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Yemen and the Arab Fund for Economic and Social Development (AFESD) have inked agreements to grant Yemen $ 329 million to help finance different pivotal development projects in the republic, Saba News Agency reported.
The agreements were signed by Yemen’s Minister of Planning and International Cooperation Abdul-Karim Al-Arhabi and Chairman of AFESD Abdullatif Al-Hamad. Under the agreement, which will raise the AFESD’s grants to Yemen to $ 2.5 billion, the Arab Fund will offer $ 42 million to contribute to financing the last of stage of the Dhamar-Husiena road that will connect Yemen’s central region with the western region.
Another $ 150 million will be used to fund the second gas power plant project in Mareb governorate to increase capacity to 400 MW. AFESD will also pump $ 100 million into the Social Fund for Development (SFD) to help fund the fourth phase of the SFD. Moreover, $ 36.8 million will be allocated to fund the third phase of the capital’s major intersections project and to complete the restoration of the grand mosque in the old city of Sana’a.
Following the signature ceremony, Yemen’s President Ali Abdullah Saleh met with Al-Hamad, who briefed Saleh about the projects that the AFESD will fund in Yemen. Al-Hamad also inspected the projects that are funded by AFESD in the capital.
Source : Arab News, 08 March 2011