Islamic bank finances Yemeni projects

Yemen agreed with the Islamic Development Bank today on financing upcoming educational, technical and social projects.

It was agreed upon the Islamic bank on financing two projects to establish engineering faculties in Hadhramaut and Zafar of $15 million and $18.5 million for both subsequently.

Ahmed Mohamed Sofan, the Yemeni minister of planning, is to participate on Wednesday in meetings of the governors' council of the IDB in Jeddah, where the formula for financing the two projects will be discussed on margins of the meeting.

The Islamic Development Bank is contributing to many projects in Yemen, the most prominent of which are for rural development in the eastern areas at a cost of 95 million dinars, the project of Hogat El-Khashem road worth 4.1 million dinars, the east road of Atmat Suk El-Thalatha worth 5 million dinars and a project for tackling flood damages worth nearly 2.8 million dinars, half of which is in aid and other donations to develop the faculty of agriculture in Sanaa university.