Saudi Fund for Development gives Yemen loan for power projects

Aug 29, 2001 02:00 AM

Yemen and the Saudi Fund for Development will sign two loan agreements of $ 50 mm for establishing two electrical power stations in Sanaa and Aden, Deputy Minister of Planning and Development for projects sector Abdullah al-Shatir said. For this purpose, vice- chairman of Saudi Fund for Development Yusuf al-Bassam will arrive to sign the loan agreements.
"There are talks between Yemen and the Saudi Fund on the special loans to carry out a number of roads in some Yemeni governorates of $ 150 mm as well as establishing of vocational training institutes of $ 50 mm," Al-Shatir added.

It's worth noting that these agreements come as a result of accord between Yemen and Saudi Arabia that testifies that Saudi Arabia will give Yemen loan of $ 300 mm during the meetings of the 12th round of Yemeni-Saudi coordination council in last 20 June.
Saudi Fund for Development usually gives long-term soft loans for supporting developmental projects in Arab and Islamic poor countries.

Source: BBC Monitoring the Middle East
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