YEMEN, KFAED TO SIGN $40 MLN FINANCING AGREEMENT

SANA'A, March 18 (Saba) - Yemen and Kuwait Fund for Arab Economic Development (KFAED) are to sign next week an agreement for financing Socotra port project worth $40 million, the weekly 26 September said on Thursday.

Undersecretary of Ministry of Planning and International Cooperation Abdullah al-Shater told the weekly that the KFAED Director General Abdulwahab Al-Bader is to visit Yemen next Monday for this purpose.

Al-Shater said that the amount is a part of the financial amount Kuwait has pledged to grant Yemen in the London donor conference in 2006.

The KFAED is to send also a team to study financing another project of rural roads amounting to $50 million, he said.

Earlier, Yemen and the KFAED have singed a loan agreement of $50 million to fund the 3rd stage of the Social Fund for Development, according to the weekly.

Al-Shater expected that the cooperation between Yemen and the Kuwaiti Fund will be developed in the future.

AF/AF