Tuesday, Apr 02, 2013
DUBAI (Zawya Dow Jones)--The Saudi Fund for Development said on Tuesday it has granted Yemen $85 million to help bankroll two projects in the cash-strapped country.
Yemen will receive $80 million to finance a project related to vocational and technical education facilities, while a second grant of $5 million will be used to support an economic fund there, the Saudi Fund for Development said in a statement.
Yemen faces severe economic challenges following the popular uprising in 2011 that resulted in the toppling of former President Ali Abdullah Saleh, who had held power for more than 30 years. The new government, formed in February 2012, is due to hold parliamentary and presidential elections early next year, after a two-year transition.
On Monday, central bank governor Mohammed bin Hammam said Yemen is seeking a low-interest loan of up to $450 million from the International Monetary Fund to support economic reforms.
Write to Leila Hatoum at leila.hatoum@dowjones.com
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(END) Dow Jones Newswires
02-04-13 1158GMT
