Yemen, IBD sign $ 35mln loan agreements

ASHGABAT, June 03 (Saba)- Yemen and the Islamic Bank for Development
IBD singed on Wednesday in Ashgabat capital of Turkmenistan on two
agreements of funding two project in Yemen at sum of around $ 35
million in addition to loans and grants at amount of $ 600,000.

Under the first agreement, the bank would fund a project of second
phase of rural development project in Abyan governorate at amount of
$ 12 million and the second agreement stated to fund electricity
projects in al-Bida and Hodeidah governorates with $ 23 million.

The agreements were signed by Deputy Prime Minister for Economic
Affairs and Minister of Planning and International Cooperation
Abdul-Kareem al-Arhabi and president of the IBD group Ahmed Mohammed
Ali.

Al-Arhabi highlighted contributions of the bank in the development
process in Yemen. The signature of two agreements was on the
sideline of the 34th annual meeting for the IBD council.