KFAED grants Yemen $1.06m

 Kuwait Fund for Arab Economic Development (KFAED) andYemen signed on Tuesday a memorandum of understanding (MoU) under which theFund will offer a grant of KD 300,000 (around USD 1.06 million). The grant, signed by KFAED Director General Abdulwahhab Al-Bader and YemeniMinister of Planning and International Cooperation Mohammad Saeed Al-Saadi, is acontribution by the Fund to the financing of the Ministry’s project to build theadministrative and technical capacities of its personnel in such areas asdevelopment of financial policies, economic reforms and good governanceprograms, according to a statement by the Fund, Kuwait KUNA news agencyreported.The MoU was signed on the sidelines of the meetings of the headsofArabfinancialinstitutions in Tunisia.The Fund offered up to 35 loans amounting in value to KD 147 million (some USD522.5 million) to 498 projects in various areas.Today’s grant took to 17 the number of the Fund’s grants with a total value of KD 3.2 million (USD 11.37 million) in addition to four grants to the tune of KD 19.3 million(USD 65.6 million) offered by the Kuwaiti government to Yemen, the statementnoted.