Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Kuwait Inks 5 Deals to Support Development in Yemen

Kuwait Inks 5 Deals to Support Development in Yemen

Monday, 18 March, 2019 - 10:15
Aden - Asharq Al-Awsat

The Yemeni government and Kuwait Fund for Arab Economic Development (KFAED) signed on Sunday five development agreements.

Yemeni Ministry of Planning and International Cooperation Dr. Najib al-Awaj and Director General of KFAED Abdulwahab al-Bader signed the agreements in Kuwait.

The first included the rescheduling of 25 unpaid loans to the KFAED, including missed payments amounting to USD132 million, for 40 years with a 15-year grace period and a one percent interest rate and administrative fee per year.

The second deals with the amendment of agreements that had been signed as part of Kuwait’s pledges at the donors conferences in London and New York to reduce the interest rate - from two to one percent - and administrative fees on seven loans.

The third agreement is on a loan to fund rural development in several Yemeni provinces. The fourth is on rescheduling the rural and community roads loan.

The fifth deal tackles KFAED’s funding for establishing and equipping the Sheikh Sabah al-Ahmed faculty in Socotra.

Following the signing ceremony, al-Awaj, al-Bader and other KFAED officials discussed the appropriate measures to resume the implementation of several of the projects agreed on.

Editor Picks