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Saudi Development Fund supports over SR2.12 billion for Yemen development projects

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RIYADH, 6th April, 2015 (WAM) -- The Saudi Development Fund, SDF, has provided SR2.12 billion for development in the Republic of Yemen, to finance 24 projects in the sectors of roads, health, education, vocational and technical training, according to the Saudi Press Agency, SPA.

The Fund, in a press statement, said that it has adopted financing lines and direct operations to finance national exports at a total cost of over SR1.26 billion, of which about one billion riyals is for the benefit of Yemen's public sector institutions in various departments, notably water and electricity.

The Saudi Development Fund also explained that about SR261 million has been allocated for the benefit of Yemen's private sector institutions (banks' financing lines and direct operations), in addition to credit facilities to ensure national exports, with a total value of SR30 million.

In its statement, the Fund said, "The Kingdom of Saudi Arabia has provided two grants to the Republic of Yemen to contribute to the alleviation of poverty there, raise living standards and improve the economic situation."

In 2006, the Kingdom provided Yemen with a grant of SR3.75 billion at the donors' conference held in London, for the implementation of 27 projects, and in 2012 the Kingdom announced assistance of over SR12.18 billion at the donors' conference held in Riyadh, of which SR3.75 billion was a deposit at the Central Bank of Yemen, and allocated another funds to contribute to the financing of 25 projects in various development sectors and in all Yemeni Governorates.

An amount of over SR1.631 billion has been approved to contribute to the Social Welfare Fund, which aims to fund programmes aimed at social protection for the poor.

WAM/AAMIR/Moran