AFESD allocates $500 million for Yemen

The Arab Fund for Economic and Social Development (AFESD) has announced the allocation of $500 million to support developmental projects in Yemen during 2011-2015, almotamar.net said on Friday.

The AFESD has announced its development pledges for Yemen during the donors’ round-table meeting which was held in the Belgian city of Brussels in June 22-23.

The AFESD’s pledges come within the commitment of the Coordination Group Institutions to support Yemen’s development projects via providing loans and grants of $2 billion for the period 2011-2015.

The Coordination Group includes a number of national, regional and Arab development institutions, in addition to the Islamic Development Bank (IDB) and the OPEC Fund for International Development (OFID).

It is worth to mention that the AFESD has offered for Yemen from 1974-2009 loans worth KWD 639.7 million to finance 89 projects in different economic and social development fields.

According to the AFESD 2009 annual report, which almotamar.net has got a copy out of, the Yemeni government has withdrawn KWD 396,637,000 from the AFESD allocated total amount till the end of last year. Whereas the withdrawal in 2009 estimated at KWD 27,102,000 of which KWD 185,233,000 were paid back during the same period as well as AFESD’s loans and credits of about KWD 20,356,000 have been rescinded.

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