Yemen, KFED sign $ 50mln loan agreement

SANA'A, Feb. 22 (Saba)- Yemen and the Kuwaiti Fund for Arab Economic Development KFED signed on Sunday a final agreement over granting loan at sum of $ 50 million dollar to fund activities of Social Fund for Development.

Under the agreement, the Kuwaiti fund would offer $ 50 million to fund several
programs of the SFD- third phase- which aims at reducing poverty and improving
living standard of poor people as well as combating unemployment.

The loan comes within pledges of Kuwait in London conference for donors to support
development process in Yemen.

The agreement was signed by the deputy prime minister and minister of planning and
international cooperation Abdul-Kareem al-Arhabi and director of the Kuwaiti fund
Abdul-Wahab Ahmed al-Badar.

Al-Arhabi praised level of the current cooperation between Yemen and Kuwait,
appreciating contribution of the Kuwait fund to development in Yemen.

He wished further progress for the Yemeni-Kuwaiti ties, pointing out to the
sponsorship for the relations between the countries by the president Ali Abdullah
Saleh and the Amir of Kuwait Sabah al-Ahmad al-Jabir al-Sabah.

For his part, the director of the Kuwaiti fund highlighted Yemeni-Kuwait ties,
affirming concern of the fund to enhance bilateral relationship between the two
countries and support development projects in Yemen to improve its economy.