Saudi Capital Influx for Investment in Yemen
In a step viewed as vital to enhance investment, economic and trade relations, especially after the border treaty was signed in Jeddah in June 2000, two agreements were signed between Yemen and Saudi Arabia, Yemen Observer reported.
According to the weekly, the first accord indicated the Saudi agreement to offer new loans to Yemen totaling $300 million to fund projects including the provision of roads and electricity.
Under the second agreement, Yemeni debts due to Saudi Arabia, totaling $249 million, were rescheduled and reduced by about 80 percent to be paid over 40 years. The two agreements are to be referred to the Yemeni-Saudi Coordination Council, expected to be held the coming June, for endorsement.
The total number of industrial and non-industrial joint projects between Yemen and Saudi Arabia ran to five projects at the end of 2000, it added.
Most of them were focused in the industrial field with a capital totaling 744,37 million Saudi riyals. The Yemeni side contributed 26,18 percent to these projects – Albawaba.com