World Bank assessing work [Archives:2002/07/Business & Economy]
Work projects totaling $45 million in rural Yemen are being assessed by the World Bank.
The work in Lahj, Abyan, Shabwa and Hadhramaut is financed 54 % by the World Bank, 25 per cent by the World Fund for Agricultural Development, 10% by the Yemen government and 11 per cent by the beneficiaries.
It aims to improve lands and fish industries, and aid handicrafts and veterinary activities.
The WB has financed other projects to alleviate poverty, such as small enterprises, and it has also conducted surveys to development other projects, particularly in the four aforementioned areas.
The WB has allocated a total of $1 billion to finance its current list of projects, from 2001-2005.
Two millions dollars will be distributed annually to implement projects in road construction, dam building, establishing technical institutes, job opportunities and small enterprises.
The WBs participation in supporting projects has gained a great significance in light of a $500 million reduction of Yemeni oil revenues due to price reductions, and other related economic reforms in Yemen.
The World Bank has been among Yemens main helpers, to deal with economic challenges.