$100 million World Bank aid to Yemen

Yemen signed two agreements with the World Bank (WB) through which the latter will offer two loans worth of $105 million in order to help the financial sector and support the agricultural development in the southern and eastern provinces.

The deputy president of the WB for the Middle East and North Africa, Dr. Kamal Darwish, signed the agreements with the Yemeni Minister of Planning Abdel Kader Ba Gamal and the governor of the Yemeni Central Bank Ahmed Abdel Rahman Al Samawy.

Darwish said that the cooperation programs of the WB in Yemen have become very strong and that the WB has planned a number of financial programs, worth $400 million, for the upcoming 3 years.

The governor of the Yemeni Central Bank, Abdel Rahman Al Samawy, said that the first loan, worth $80 million, will be used in helping the financial and banking sectors and in attracting more investments and supporting the monetary policies which will reflect positively on the banking activities with the customers and with the Central Bank.

The Minister of Planning Abdel Kader Ba Gamal said that the second loan, worth $25 million, will be allocated to the agricultural development and to support the poor in the southern and eastern provinces.