Yemen and Kuwait sign an agreement to resume funding from the Kuwait Fund for Economic Development.

On Saturday, the Republic of Yemen and the Kuwait Fund for Arab Economic Development signed a bilateral financial agreement in Riyadh. This agreement aims to resume Kuwaiti development projects in Yemen and restructure the repayment of outstanding debts owed to the fund. The Kuwaiti leadership recognizes the exceptional circumstances in Yemen and values the historical relationship between the two nations.

Key Signatories

The Yemeni government was represented by Dr. Waed Badhieb, the Minister of Planning and International Cooperation. On the other side, the Kuwait Fund was represented by Acting Director General Eng. Walid Shumlan Al-Bahr.

Objectives of the Agreement

This agreement seeks to reactivate Kuwaiti funding for development programs. It also aims to alleviate the financial burdens on Yemen by restructuring the repayment of overdue interest and principal amounts. This support will assist the Yemeni government in addressing the economic and financial challenges exacerbated by the Houthi militia’s attacks on oil facilities and international shipping routes.

Strengthening Bilateral Relations

The agreement symbolizes the unique relationship between Yemen and Kuwait. It enhances trust between Yemeni state institutions and the donor community, while also responding urgently to the priorities and needs of the Yemeni people in vital sectors.

Focus Areas for Funding

The funding will target several key sectors, including electricity and energy, education, and public works. These areas are crucial for Yemen’s development and recovery.

Positive Reactions

In statements to the Yemeni News Agency (Saba) and other media outlets, both Dr. Waed Badhieb and Eng. Walid Shumlan Al-Bahr praised this achievement for the Yemeni people. They emphasized the importance of restoring momentum for Kuwaiti funding and interventions across various sectors.

Acknowledgment of Support

Minister Badhieb expressed gratitude for Kuwait’s generous support over the decades, which has significantly contributed to Yemen’s development and reconstruction efforts. He highlighted Kuwait’s humanitarian and service interventions during the harsh conditions caused by the Houthi militia’s actions.

Commitment to Yemen’s Needs

Eng. Walid Shumlan Al-Bahr reaffirmed the Kuwait Fund’s commitment to fulfilling the directives of the Kuwaiti leadership in addressing the needs of the Yemeni people and the priorities of their government. He expressed hope that the agreement would improve living conditions and essential services throughout Yemen.

Attendance at the Signing Ceremony

The signing ceremony was attended by Dr. Yahya Al-Shaibi, Director of the Office of the Presidency, and Falah Al-Hajraf, the Kuwaiti Ambassador to Yemen.

This agreement marks a significant step towards revitalizing Yemen’s development efforts and enhancing the living standards of its citizens.

 

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