AFESD to Invest in Yemen Projects

The Arab Fund for Economic and Social Development (AFESD) has announced the allocation of US$500 million to support developmental projects in Yemen during 2011-2015. The AFESD has announced its development pledges for Yemen during the donors' round-table meeting which was held in the Belgian city of Brussels in 22-23 June 2010.

The AFESD's pledges come within the commitment of the Coordination Group Institutions to support Yemen's development projects via providing loans and grants of US$2 billion for the period 2011-2015. The Coordination Group includes a number of national, regional and Arab development institutions, in addition to the Islamic Development Bank (IDB) and the OPEC Fund for International Development (OFID).

It is worth to mention that the AFESD has offered for Yemen from 1974-2009 loans worth US$2.21 billion to finance 89 projects in different economic and social development fields. According to the AFESD 2009 annual report, which almotamar.net has got a copy out of, the Yemeni government has withdrawn US$1.372 billion from the AFESD allocated total amount till the end of 2009. Whereas the withdrawal in 2009 estimated at US$93.7 million of which US$640.83 million were paid back during the same period as well as AFESD's loans and credits of about US$70.42 have been rescinded. –Saba News