Yemen Kuwait Fund Sign Financing Loan Agreement

10/13/2014 5:44:41 AM

(MENAFN- Qatar News Agency) Washington October 13 (QNA) - Yemen and the Kuwait Fund for Arab Economic Development (KFAED) signed on Sunday in Washington a new financing loan agreement to support number of basic services projects at total cost of US$ 73.5 million.

The agreement signed by Yemeni Minister of Planning and International Cooperation Mohammad al-Sa'adi and the KFAED Director General Abdulwahab Al Bader on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank Group (WB) currently being held in Washington according to Yemen news agency (Saba).

The agreement stipulates that the fund would provide the amount of US$ 52.5 million to finance the fourth phase of the public works project and US$21 million to finance project of developing the electricity sector in Aden city.

The Minister praised the role of Kuwait in supporting the political transitional stage currently witnessed in Yemen as well as the KFAED's contribution in propping up priorities of the development needs of the country. (QNA)

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