Yemen, Saudi Arabia sign $250m funding agreements

Yemen's Minister of Planning and International Cooperation Mohammed al-Saadi Sanaa – Ali Rabea Yemen has signed two funding agreements valued at $250 million with the Saudi Fund for Development (SFD), to finance the building of a medical city and establish roads in Sanaa. The agreements were signed in the Saudi capital Riyadh on Monday.  
Yemen's Minister of Planning and International Cooperation Mohammed al-Saadi told state news agency SABA that the agreements would finance King Abdullah bin Abdul Aziz Medical City project in Sanaa. The medical project is part of a framework to develop health services in Yemen, the Yemeni minister said, adding that the project's first phase will include 500 beds, for cancer, kidney, general and specialised surgery and heart disease surgery departments.
The other project revolves around building roads in Sanaa, that aim to end the traffic jams by building a new ring road that connects the entrances to the capital.
Meanwhile, the head of Board of Directors of Yemeni Cooperative Agriculture Credit Bank Monasr al-Quaiti has signed a memorandum of understanding with the Saudi export programme to raise the bank credit ceiling to $35 million.
The bank is scheduled to hold a donors meeting in September in New York to discuss its commitments to Yemen.
According to Yemen donors’ conference in 2012, countries pledged to donate about $8 billion, half of which is from Saudi Arabia.