A $91.8 million loan was signed by the Arab Fund for Economic and Social Development (AFESD) and Yemen for the development of Sanaa international airport, reported AFESD on Wednesday, April 18.
The 25-year loan will have an annual interest rate of three percent, and will have a six-year grace period.
The fund will be used to upgrade the runways, passenger terminal and other facilities at Sanaa airport. The accord was signed by Abdullatif al-Hamad, the chairman of the Kuwait-based fund, and Ahmad Sufan, Yemeni Planning and Development Minister.
AFESD is a multilateral Arab development corporation, established in 1974, which has already lent Yemen approximately $969 million for the financing of various development projects. — (Albawaba-MEBG)
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