Yemen major beneficiary of Saudi development aid

The Kingdom extended financial aid of more than $3 billion during the last five years to Yemen. In addition, the Kingdom’s financial allocations exceeded 93 percent of its pledges toward that country.

According to a statement released by the Saudi Fund for Development (SFD), the Kingdom has been a regular financier to help complete national projects in Yemen.
The SFD is the most prominent supporter for development in Yemen, offering a number of loans and supervising a number of grants in several sectors, notably health, education, roads and water.
These development projects benefited all Yemeni governments, either directly or indirectly.
Saudi Arabia was always keen on extending support and aid to the brotherly Yemeni people, stemming from the historical links between the people of the two countries and aiming to achieve stability and peace in the country which is closely linked to achieving peace and stability at the regional and international levels.
The SDF has also provided Yemen with a number of loans in various fields for a total of SR2.1 billion to fund some 24 development projects in the roads, health, education, vocational and technical training sectors; many of these development projects have already been implemented except for eight projects which are still under implementation.
According to a statement released on Monday, SFD adopted financing lines and direct operations to finance national exports at a total cost of SR1.2 billion, of which about SR1 billion was to benefit Yemen’s public sector institutions, notably water and electricity.
It was explained that about SR261 million was 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.
The Kingdom has provided two grants to Yemen to contribute to poverty alleviation and raising the living standards and improving the economic conditions of the people.
In 2006, the Kingdom provided Yemen with a grant of SR3.75 billion at a donors’ conference in London, for the implementation of 27 projects. In 2012 the Kingdom announced assistance of SR12.9 billion, at a donors’ conference held in Riyadh, of which SR3.75 billion was deposited in the Central Bank of Yemen, and other funds were allocated to contribute to the financing of 25 projects in various development sectors in all Yemeni governorates.

Moreover, an amount of SR1.63 billion was approved to contribute to the Social Welfare Fund, which aims to fund programs aimed at social protection of the poor.

Source: http://www.arabnews.com/featured/news/728996