Yemen, AFESD sign US$150 million agreement

Published January 13th, 2011 - 08:51 GMT

Yemen has signed with the Arab Fund for Economic and Social Development an agreement under which the Fund provides US$150 million to assist in financing the 2nd Marib gas-based power station whose total estimated cost is put at US$400 million. 

The agreement was signed on behalf of the Yemeni side by Deputy Prime Minister for Economic Affairs Abdul Karim Ismail al-Arhabi and by AFESD legal advisor Hasab Allah al-Ubaid.

The Deputy Prime Minister for Economic Affairs of the contributions of the Arab Fund for Economic said that the Fund has already funded this project with US$ 100 million. It is noteworthy that the Saudi Fund for Development provided additional US$ 100 million for this project. 

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