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AFESD gives Yemen $100 m to improve capital's infrastructure

AFESD gives Yemen $100 m to improve capital's infrastructure

[28/January/2014]



SANA'A, Jan. 28 (Saba) - Yemen and the Arab Fund for Economic and Social Development (AFESD) signed here on Tuesday a funding agreement worth of $100 million to finance the capital's infrastructure development.

Under the agreement, the AFESD provides 81% of the total amount, the government provides the rest (19%), which is dedicated to develop the capital's infrastructure, including improving the main road network, tackling traffic congestion, protecting the people, buildings and shops of the potential damage of torrential rains and floods in different parts of the capital Sana'a.

Following the signing, Minister of Planning and International Cooperation Mohammed al-Sa'adi praised the Fund's contributions to promote the stability and development paths in Yemen.

He said that $367 million of the total $500 million pledge AFESD has made to Yemen in Riyadh donors conference were signed as financing agreements.

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