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Three Loan Agreements Were Signed to Help Finance Projects in Yemen
Three loan agreements, totaling KD 58 million, were signed to help finance three projects in the Republic of Yemen.
The loan agreements were signed by H.E. Dr. Mohammed Saeed Al-Saadi, Minister of Planning and International Cooperation, on behalf of the Government of the Republic of Yemen, and H.E. Mr. Abdlatif Yousef Al Hamad, Director General/Chairman of the Board of Directors of the Arab Fund, on behalf of the Fund. Below are details of these loans and the projects they will help finance.
First Project: University Educational Hospital - University of Aden
A loan agreement, valued at KD18 million, was singed to help finance a project to construct a University Educational Hospital in the University of Aden in Yemen. The project aims at supporting the health system in the province of Aden and improving health services, rehabilitation of graduates of the Faculty of Medicine at the University of Aden, and supporting medical research, in line with technological advances made in the techniques, facilities and therapeutic equipment. This will be achieved through the establishment of an integrated hospital which provides educational services and advanced treatment. The project is part of a phased program for stability and development covering the period (2012 - 2014) in the Republic of Yemen.
The project includes the following main components:
1 – Building Equipment
2 – Technical Services
Second Project: The Reconstruction of the Governorate of Abyan
A loan agreement, valued at KD10 million, was signed to help finance the Reconstruction of the Governorate of Abyan project in Yemen.
The project, which is part of the emergency program for the reconstruction of areas affected by acts of sabotage and terrorism in the Governorate Abyan, aims at contributing to addressing the damage suffered by the province in all facilities, services and infrastructures, both public and private, assisting victims and displaced personnel, alleviating their sufferings, and accelerating the achievement of the millennium development and social goals.
The project includes the following main components:
1 – Civil Works and Equipment
2 – Advisory Services
Third Project: Rehabilitation and Expansion of Sanaa – Hodeida Road in Yemen
A loan agreement, valued at KD30 million, was singed to help finance the project for the Rehabilitation and Expansion of Sanaa – Hodeida Road in Yemen.
The project aims at enhancing the flow of traffic between the capital city of Sanaa and the countrys main port (Hodeida), through the rehabilitation and expansion of the road link between the two cities in order to alleviate traffic congestion, accommodate the increased traffic, and ensure the safety of the road, which constitutes the main artery of the national road network in the country.
The project includes the following main components:
1 – Rehabilitation and Expansion of the Road
2 – Creation of a Shunt in the Manakhah and the Construction of a Tunnel in it
3 – Technical Services
Each of the three loans will carry interest at 2.5% per annum, and will be repayable over 25 years with a 5 year grace period.
With the signing of these three loans, the Arab Funds total contribution to financing projects in Republic of Yemen now amounts to KD 810.65 million.
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