New Japanese Debt Relief Grant aid to Yemen [Archives:2001/22/Local News]
The government of Japan extends to the Gof the Republic of Yemen the Debt Relief Grant Aid amounting to one hundred eleven million nine hundred sixty four thousand Yen (Y111,964,000), based on the resolution of the Trade & Development Board (TDB) of the United Nations conference on Trade & Development (UNCTAD) to adopt debt relief measures for countries which have been facing serious difficulties in servicing their debts.
The Japanese Embassy in a Sana’a press release says that a memorandum to this effect was signed on May 20, 2001 between H. E. Mr. Ahmed Mohammed Sofan, Minister of Planning & Development of the Republic of Yemen and H. E. Mr. Masamitsu Oki, Ambassador of Japan to Sana’a.
The Government of the Republic of Yemen will use this grant properly and exclusively to augment the development of Yemen’s economy and the enhancement of the welfare of its people, the press release further said.
Since 1979 when Yemen started to repay its Yen loan which had financed the rural water supply projects, the project for the construction of Ras Katneeb power station and the project for the construction of the berth of Hodeidah Port, Japan has been providing the Republic of Yemen with grants in amounts equal to the total interest and principal repaid.