Three finance agreements signed with EU, WB

Three separate finance agreements were signed with Yemen on Tuesday between Yemen, the European Union (EU) and the World Bank (WB).

The finance agreements, signed by Minister of Planning and International Cooperation Abdul Karim al-Arhabi, EU ambassador in Sana’a Michele Cervone and Director of the WB’s office in Sana’a Ateng Benson, included areas of local development, social welfare, rural roads and higher education.

The first agreement stipulated that the EU would present an additional grant worth €18.3 million, devoted to funding projects in the areas of local development and other employment-intensive projects under the management of the WB. The funds are to be utilized to finance the cash transfer program for the poor through the Social Welfare Fund, which will serve about 41 thousand beneficiaries.

The second agreement, signed by al-Arhabi and Benson, stipulated that the WB would offer an additional grant of $40 million in financing for the second phase of the rural roads project. The agreement likewise allocated $12 million out of the grant value to support the Roads Maintenance Fund, which will serve about 450 thousands beneficiaries.

The third agreement stipulated that the WB provides a financial grant worth $13 million, dedicated to the development of quality higher education through the establishment of a financial fund solely for university programs.

After signing the agreements, al-Arhabi voiced the Yemeni government’s appreciation for the EU and WB contributions aimed to support and enhance governmental efforts striving to reduce poverty and develop job opportunities.

The European support for the Social Welfare Fund and the social security network, al-Arhabi continued, is the result of a fruitful cooperation between Yemen, the EU and the WB. The EU ambassador described how the EU’s support for a social security net is a part of the EU’s ongoing support to alleviate the suffering of the poorest communities in Yemen.

Similarly, the WB’s official affirmed that the signed agreements are a manifestation of the Bank’s yearning to provide continued support towards Yemeni development.

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