Infrastructure Development in Yemen
A loan agreement for KD 30 million was signed in Tunisia on the 8th April 2014 to help finance the Project for the Development of Infrastructure in Sana'a in the Republic of Yemen.
The loan agreement was signed by H.E. Dr. Mohammed Saeed al-Saadi, Minister of Planning and International Cooperation, on behalf of the Government of the Republic of Yemen. H.E. Mr. Abdlatif Yousef Al Hamad, Director General/Chairman of the Board of Directors of the Arab Fund, signed the loan agreement on behalf of the Fund.
The project aims at improving the efficiency of the main road network, addressing traffic congestion, and protecting the population and buildings, shops and infrastructure from potential damage as a result of torrential rains and floods in different parts of the capital, Sana’a. This will be accomplished through the construction of necessary infrastructure facilities. The project consists of the addition of bridges and tunnels to major intersections, as well as the completion of the main channel to drain flood water (liquid), and all other complementary works necessary for the project.
The project includes the following key elements:
1 - Intersections Works
2 - Flood Damage Protection Works
3 - Technical Services and Institutional Support
The loan will carry interest at 2.5% per annum and will be repayable over 25 years with a 6 year grace period.
The Secretariat of the Capital Sana’a will be the beneficiary of the loan, and will be responsible for implementing the project, which is expected to be completed in the fourth quarter of 2017.
With the signing of this loan, the Arab Fund's total contribution to financing projects in the Republic of Yemen now amounts to KD 840.650million.