Yemen to receive a $60-million loan from WB [Archives:2003/697/Local News]

December 25 2003

Yasser Mohammed Al-Mayyasi
The Yemeni government signed an agreement last week in Paris to receive a loan as the general labor project's third phase funding.
The loan period is 40 years and will have an annual interest rate of just 0.25% according to the conditions and regulations of the World Bank. The agreement was signed on behalf of Yemen by Mr. Ahmed Sofan deputy prime minister and minister of planning and international cooperation and on behalf of the WB by Mr. Amir al-Khafagi.
This funding phase will last from 2004 to 2008 and will focus on providing and supporting infrastructure services for the local communities in order to promote social participation of locals in executing public services in education, health, and water. It will also aim at building capacities of the local councils of Yemeni governorates.
It is worth mentioning that the first and second phases have been concluded successfully and the project has included the social fund for development which continue in the new year 2004 and will last up to 2008 in the framework of the project's participation in the social security network and implementation of the national strategy for poverty reduction.
The loan will also be used in the development of human resources in the framework of social and economic development and endorsing cooperation with public establishments working in social domains as well as supporting local councils to plan and implement the society-initiated projects as well as caring for gender issues by giving priority to females and involving them in development projects.