Kuwait Fund for Arab Economic Development (KFAED) has signed two 21 Kuwaiti Dinar (KD) loan agreements with Yemen to finance an electricity distribution project and a public works venture in the Arab country.
The agreements, signed in Washington D.C. yesterday, provides KD six million (USD 21 million) to finance the development of an electricity distribution network in Aden, a KFAED statement said Sunday.
KFAED had last year offered KD 10 million (USD 35 million) to finance the same electricity project.
The fund and Yemen signed another loan agreement with a value of KD 15 million (USD 52.5 million) to finance a public works project, with the aim of fighting poverty and unemployment, and improving living condition.
The agreements were signed by Yemeni Minister of Planning and International Cooperation Mohammad Al-Saadi and KFAED Director General Abdulwahab Al Bader, on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank.
KFAED has so far provide 35 loans valued around KD 147 million (USD 498 million) to finance projects in different sectors. The fund also offered 17 donations worth KD 3.1 million.