Business

Saudi Fund for Development finance Billion YR for Yemen

National Yemen

A group of women selling al-lhouh and Malooj near bab al-Yemen

By NY Staff

The Saudi fund for development signed an agreement worth $250 million (1 billion YR) as their the contribution to the financing of King Abdullah medical project and the project of the main crossroads of Sana’a.

Dr. Mohammed al-Sa’adi, Minister of Planning and International Cooperation, signed the agreement on behalf of the Yemeni government and the deputy President and representative members of the Fund Engineer Yousif Bin Ibrhim al-Basam. The signing of the agreement came fell in the framework of continuing the developmental contributions to Yemen by the Saudi government.

The fund agreed on opening a line of credit worth $25 million through the Yemen=based CAC Bank for the financing of goods and other multinational services.

Al-Basam commented that signing these agreements is a component of the outstanding relations between the two countries as well as the extensive efforts made by the Saudi Fund for Development and the Yemeni authorities for the purpose of increasing bilateral trade.