World Bank grants Yemen $206m

Yemen and the World Bank (WB) signed here on Wednesday three financing agreements worth $ 206 million in the areas of social affairs, basic education and roads. These agreements have been already approved by the WB’s Group in Washington as an initiative by the Bank to speed up the allocation of the donors pledges to Yemen during Riyadh conference, which amount to $ 400 million. The agreements, signed by Yemeni Minister of Planning and International Cooperation Mohamed al-Sadi and the Bank’s Regional Director, Hartwig Schafer stipulate the allocation of $100 million to implement and an emergent project to recover from the economic crisis, which targets supporting activities of the Social Welfare Fund for cash transfers to the poor. The second agreement includes providing a financing support worth $ 66 million for the basic education development, while the third agreement includes supporting the roads facilities administration project at a cost of $ 40 million dedicated for improving the roads ,creating job opportunities and providing the necessary infrastructure facilities to promote domestic trade. After the signing ceremony, Al-Sadi praised the effective contributions of the WB in supporting the paths of development and stability in Yemen through the rapid response to the priority needs of Yemen, expressing Yemeni government’s appreciation for the Bank’s keenness to rapidly fulfill the donors pledges to Yemen . For his part, the WB’s Hartwig Schafer pointed out that the amount allocated to finance the three projects represents the first installment of the total funding grant pledged by the Bank to Yemen amounting to $ 400 million, during the Riyadh conference for donors. He noted that the goal of these grants is to help creating short-term jobs, restoring basic services, facilitating access to social safety nets, and revitalizing ways of livelihoods, and at the same time laying the foundations for sustainable development in the future.