Yemen, Kuwait sign agreement to resume Kuwaiti development projects and reschedule arrears

The Republic of Yemen and the Kuwait Fund for Arab Economic Development signed today, Saturday, a bilateral agreement on financial arrangements, resuming the launch of Kuwaiti development projects, and rescheduling the payment of arrears due to the Fund, in appreciation by the leadership of the State of Kuwait for the exceptional circumstances in Yemen.

The agreement was signed in the Saudi capital, Riyadh, on behalf of the Yemeni government by the Minister of Planning and International Cooperation, Dr. Waed Badhib, and on behalf of the Kuwait Fund for Development by the Fund’s Acting Director General, Eng. Walid Shamlan Al-Bahr, according to the Yemeni News Agency, Saba.

The agreement aims to relaunch Kuwaiti funding for development programmes, and alleviate the burden of debt owed by the Republic of Yemen by rescheduling the payment of interest and late installments, in a way that helps the government confront the urgent economic and financial burdens exacerbated by the terrorist Houthi militia attacks on oil facilities and international shipping lines.

According to the agency, the agreement represents an important message on the privacy of Yemeni-Kuwaiti relations, and improves confidence between state institutions and the Yemeni government with the donor community, and the urgent response to the priorities and needs of the Yemeni people in vital areas, noting that the funding is for a number of service and development sectors, most notably electricity, energy, education, and public works.

In statements to the media, the Yemeni Minister of Planning and the Director General of the Kuwait Fund for Development praised this achievement for the benefit of the Yemeni people, and the restoration of the momentum of Kuwaiti funding and its appreciated interventions in various sectors.

The Director General of the Kuwait Fund for Arab Economic Development briefed the Chairman of the Presidential Leadership Council on the projects funded by the Fund during the next phase, including the electricity, health and rural roads sectors.