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SANA'A, May 03 (Saba) - Three Yemeni Banks and Saudi Fund for Development (SFD) signed here on Monday three funding lines agreements at a total cost of US $ 21 million.

The 1st agreement signed by SFD's Director-General of Saudi Export Program Ahmed al-Ghannam and chairman board of Cooperative and Agricultural Credit Bank (CAC Bank) Hafiz Me'ayad, includes funding lines agreement with a total cost of $ 15 million.

The 2nd agreement was signed by al-Ghannam and the assistant director general of Yemeni Commercial Bank (YCB) Mahmoud Haboub with a total cost of $ 3 million.

Another $ 3 million-agreement was signed by al-Ghannam and the director general of Yemen and Kuwait Bank Mohammed Natour.

After the signing ceremonies, the head of Yemeni Association for Banks
Ahmed al-Khawi talked about the importance of the agreements, which will enhance the cooperation and investment between Yemen and Saudi Arabia.

He called on the Yemeni, Arab and foreign banks and the economic and financial foundations to seek to provide a suitable ground to increase Arab investments as well as facilitate the movement of capitals, goods and services in addition to increase the Arab in-between trade.

For his part, al-Ghannam pointed out the importance of benefiting from the opportunities that would reinforce trade between Yemen and Saudi Arabia.

He stressed the importance of the agreements' role in boosting the commercial exchange between Yemen and KSA through providing the private sector with all facilities.

TD/AF