Cabinet approves loan agreement to finance Socotra seaport project

SANA'A,Dec.09(Saba)- The cabinet approved on Tuesday the loan agreement of KWD 11.8
million (about $ 41
million ) signed on November 17th between the government and the Kuwait Fund for
Arab Economic Development (KFAED)to contribute to financing Socotra seaport project.

In this respect, the cabinet directed Deputy Prime Minister for Economic Affairs,
Minister of Planning and International Cooperation, to coordinate with Minister of
Legal
Affairs and Minister of State for Parliamentary and Shura Council Affairs to
complete the necessary constitutional procedures for ratifying the agreement.
The project, in which the government contributes with a mount of $10 million and
expected to be completed by mid of 2013, consists of dredging the maritime canal
and the
port basin and constructing breakwaters, pavements, maritime protection works and
services facilities.
It also includes supply and installation of cargo handling cranes, guidance and
navigational equipments including telecommunication equipments, power generators,
and fire-fighting
equipments as well as other consultative services.
This project aims at enhancing the current efforts for developing Socotra
archipelago and serving the tourist trends aiming at promoting its tourist reality,
with taking
in consideration the environmental aspects.
BA