Yemen, IDB sign loan agreements

WASHINGTON, Oct 13 (Saba) - Yemen has signed with the Islamic Development Bank (IDB) two loan agreements, for $ 21 million, to finance the project of rural roads and the project of water supply and sanitation services in the provinces of Taiz and Lahj.

The agreements were singed in Washington by deputy prime minister Abdul Karim
al-Arhabi and the chairman of the bank board of directors Ahmed Muhammad Ali.

The two also held talks that focused on the issue of releasing the bank pledges
it had made at the donor conference held in London in 2006.

Al-Arhabi hoped the bank release its financial pledges for Yemen as soon as
possible and brought up the possibility of providing financial support for the
Hodeidah mills through aid assured by the Jeddah initiative calling for offering aid
for countries affected by repercussions of the global food crisis.

On the other hand, al-Arhabi emphasized the importance of enhancing the partnership
between the Yemeni private sector and the bank through taking advantages from funds
provided to develop the investment climate in the country.

The Islamic Development Bank is an international development foundation founded by
the first conference of Finance Ministers of the Organization of the Islamic
Conference (OIC), convened 18 December 1973 with the aim to support economic
development and social progress the OIC member states in accordance with the Islamic
Sharia principles.