Business

Yemen and WB sign $ 90 mln grant to protect poorest

National Yemen

WASHINGTON,  РYemen and the World Bank (WB) have signed at the WB Group headquarters in Washington a draft urgent grant worth $ 90 million for Yemen.

The grant amount, which is provided by the Bank through the International Development Association (IDA), will be allocated to support the government program project aiming to protect the most vulnerable groups (the poorest) of the Yemeni people.

The project also includes an additional contribution from the U.S. government worth $ 28.27 million to support the process of cash transfers provided to over one million Yemeni families in the framework of the main social security network in Yemen represented by the Social Welfare Fund, bringing the total grants provided under the project to $ 118.47 million ( about 25.45 billion Yemeni riyals).

The grant was signed by Charg√© d’affaires of Yemeni Embassy in Washington Adel al-Sonaini and Acting Vice President of the WB Gerard Byam.

Al-Sonaini pointed out that the signing of this grant comes under the obligations of the Yemen government in its general program, which recently won the confidence of the Parliament, with regard to the increasing the benefiting cases from the social security by 50% in the budget of 2015.