Italy relieves Yemen of $16 million debt [Archives:2003/685/Local News]

November 13 2003

Mohammed bin Sallam
Last Monday an agreement was signed in Sana’a between the Yemeni and Italian governments to relieve Yemen from US $16 million in debt owed to Italy.
Based on this agreement, the amount will be utilized to finance several developmental projects in the Republic of Yemen.
The agreement was signed on behalf of Yemen by Alawi Al-Salami, Minister of Finance, and on behalf of Italy by Giacomo Sanfelice di Monteforte, Ambassador of Italy to Yemen.
Both sides stressed the importance of this achievement, calling it one of many steps taken to consolidate and strengthen Yemen-Italian relations, and to also help in reducing financial burdens and poverty in Yemen.
On his part, the Italian Ambassador expressed his happiness for signing the agreement and pledged to continue helping Yemen overcome its economic difficulties and go forward with its financial and administrative reforms to raise the standard of living.