Arab fund extends $100m to infrastructure development in Sanaa

The Arab Fund for Economic and Social Development (AFSED) signed Tuesday an agreement with the Yemeni government to co-finance the development of infrastructure in Sanaa. The Kuwait-based fund will finance 81 percent of the USD-100-million development of the infrastructure of Sanaa. The Yemeni government will provide 19 percent of the funding. The development plan aims at improving roads, and protecting population and buildings from floods. Minister of Planning and International Cooperation Mohammad Al-Saadi, speaking after the signing ceremony, commended the AFSED's contributions to development and stability in Yemen. He said the fund had pledged USD 500 million during the donors conference that was held in Riyadh recently.