Yemen makes it into EU Financial Basket
From the upcoming year, Yemen will be included in the European Union’s Financial Basket. The program is a fund allocated to Mediterranean countries for development projects and the betterment of civil society.
In a report filed by the Yemen Times, the EU’s financial development and donor branch, the European Investment Bank (EIB), has endorsed an agreement with Yemen to play a significant role in financing several development projects. One such project is the modernization and renovations of the Sana’a International Airport to which the EIB will contribute $62 million.
The decision by the EU to include Yemen in the Financial Basket comes after a review by the group’s regional representative, James Moran. Yemen’s government and economic reforms vouch well for its international standing. The EU has also determined that the establishment of an embassy in 2001 will further their goals and provide constructive and symbolic support to the country.
Presently, four European Union member states contribute a significant amount of funds to Yemen – Germany, Holland, Belgium and France. Germany, in addition to the technical support provided, has invested some 2.23DM billion; Holland, the second largest donor to Yemen’s development, currently has 212 million Dutch Gilders invested in a range of projects.
European donor countries have also helped to reschedule Yemen’s foreign debt by exempting it from a large portion of the outstanding loans. – (Albawaba-MEBG)