Kuwait lends Yemen USD 31 mln |
Kuwait News Agency - 28 May, 2012
Yemen and Kuwait Fund for Arab Economic Development (KFAED) signed on Sunday an agreement worth KD nine million (USD 31 million) to finance a power project in this Arab country.
The agreement was inked by Yemeni Minister of Planning and International Cooperation Mohammad Al-Sa'adi and KFAED Director General Abdulwahab Al-Bader.
Under the KFAED-Yemen deal, the fund would extend USD 31 million to Yemen to contribute to financing an electric transmission project and substations for the southern areas of Habilain, Yafi'a and Baidha.
Following the signing ceremony, the Yemeni minister said the project mainly aimed to develop basic services, including power supply, in Yemen.
He highly appreciated the Kuwaiti fund for its continuing contributions to supporting development projects in Yemen.
For his part, the KFAED chief stressed that Kuwait would continue its support to Yemen through the donors' meeting expected to take place in July for projects agreed upon between the two countries in rural roads and seaports.
He stressed the significance of developing cooperation between the KFAED and Yemen.