Working to attract donors and investors [Archives:2002/14/Business & Economy]

MAHYOUB AL-KAMALI
YEMEN TIMES ECONOMIC EDITOR
Attracting foreign investments and donors is at the top the agenda for two conferences the government is planning for September.
The government is coordinating with the World Bank to organize a donor conference, which would coincide with a conference for investment and development projects.
The donor conference will review Yemen’s vision about the economic and social developments as well as development strategies for the different sectors, and ways of implement economic reform.
With a venue still to be determined, its the third of its kind to support economic reform package adopted by Yemen in 1995.
The promotional conference, meanwhile, will look at energy, oil, and the gas sectors, plus tourism and free zones.
The government of Yemen hopes it will have new debit exemptions and grants for funding development and service projects including incomplete projects.
Yemen will present a comprehensive vision about the level of implementation of projects in terms of finance and management.
The European Commission organized an international conference for donor countries in Brussels following The Hague conference held in 1996.
At that time Yemen presented its policies in all sectors of development.
Yemen then obtained US $200 million to alleviate the consequences of floods. Donors also promised to finance development plans with US $1.2 billion.
This upcoming conference comes six years after Yemen began its program of economic reform, at a time when help is needed to deal with some its economic fallout.
The World Bank increased its assistance to Yemen to $700 million for 2000 to 2002, up from $420 million from 1996 to 1999.
The World Bank is currently paying much attention to Yemen and is encouraging it to promote the private sector.
The World Bank and the International Development Association (IDA) granted Yemen US $508 million from 1996 to 1999.
Yemen aims to use donor aid for education, health, vocational training, roads and bridges and enhancing the loan capacity of the Social Fund for Development.

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