KFAED grants Yemen $85m

The Kuwaiti Fund for Arab Economic Development (KFAED) on Tuesday granted Yemen $85 million to reconstruct affected areas due to 2011 events and developing Aden electricity network. The grant's agreements were signed by Minister of Planning and International Cooperation Mohammed al-Sa'adi and KFAED Director General Abdul Wahab al-Badr. Under the first agreement, the Kuwaiti Fund grants $50 million to contribute to financing a project of reconstructing areas ruined during the 2011 events through carrying out and rehabilitating infrastructure and service projects and public facilities in governorates of Abyan, Aden, Lahj, Sana'a, the capital Sana'a, Sa'ada, Ammran, Hajjah, Shabwa and Taiz. The second agreement lays down that the KFAED donates $35 million contribute to financing a project of developing the electricity network in Aden governorate. After the signing ceremonies, the KFAED Director General said that by the first agreement's grant, Kuwait fulfilled the financial pledge made to Yemen in the donor meeting held in London in 2006. The second agreement is an outset of financing projects via the Kuwaiti grant gifted to Yemen in the 4th Friends of Yemen meeting held in New York in 27 September 2012. Kuwait donated Yemen $200 million in the 2006 London meeting and the projects agreed to be funded by this donation are under construction. In 2012 meeting, Kuwait granted Yemen $500 million. The Yemeni and Kuwaiti sides have tied up all procedures to allocate the sum and measures are underway to begin the implementation.