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FINANCIAL NEWS
USD6.4b donations to Yemen vowed
05 Sep 2012
(MENAFN) Inger Andersen, vice president for the Middle East and North Africa at the World Bank said that a group of international donors have vowed to give Yemen a total of USD6.4 billion aid to help the struggling country rebuild its economy which has been hit hard by political unrest, Reuters reported.
Andersen explained that the total sum is USD6.396 billion, and are aimed to fund the short term and portions of the long term.
The donations include USD3.25 billion in aid already pledged earlier by Saudi Arabia, of which a USD1 billion loan has been deposited in Yemen’s central bank.
The US vowed to donate USD345 million in security, humanitarian and development aid, as the it seeks to prevent instability in Yemen from leaking to the neighboring oil-rich states, while the UK would grant USD312 million.
Yemen’s Planning and International Cooperation Ministry said that by 2014, the country will need some USD300 million for a peaceful transfer of power, USD445 million for security, USD3.5 billion for humanitarian projects and reconstruction, and USD470 million to shore up the economy.
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