Abu Dhabi: The UAE said on Wednesday that it will grant Yemen Dh2.385 billion to finance sustainable socio-economic development projects that are to be managed by the Abu Dhabi Fund for Development (ADFD).
Shaikh Abdullah Bin Zayed Al Nahyan, UAE Minister of Foreign Affairs and Vice Chairman of ADFD, and his Yemeni counterpart Abu Bakr Al Karbi signed a memorandum of understanding (MoU) on the development grant.
The MoU covers the financing of 14 vital projects in different regions in Yemen.
ADFD will solely manage 12 projects while it will cooperate with the UAE Ministry of Interior to execute a smart card project. The UAE Red Crescent will manage the reconstruction of building damaged as a result of floods in the Hadramout valley.
Shaikh Abdullah said the grant reflects the UAE's commitment to the sustainable development of Yemen, in line with our outlook of driving growth, both at the regional and global levels.
The support contributes to ensuring the long-run stability of the diverse communities in the region, which is interlinked to socio-economic prosperity.
Shaikh Abdullah stressed the UAE's strong and deep-rooted ties with Yemen at several levels, and willingness to improving these relations for mutual benefit.
He said ADFD has played a pivotal role in driving sustainable development in Yemen, as well as in 53 countries since the organisation was founded in 1971 for the larger support of developing countries around the world.
Abu Bakr Al Karbi, Minister of Foreign Affairs in Yemen, reaffirmed the strength of Yemen's relations with the UAE.
He thanked the wise Emirati Leadership for launching several developmental initiatives in his country, which have provided a solid platform for energising the local economy by driving core sectors such as healthcare, education, housing, energy and infrastructure, among others.
Mohammad Al Suwaidi, Acting Director General of ADFD said this MoU reflects the strong commitment of our leadership to provide assistance to neighbouring countries through substantial support for their developmental drive.
The projects are specifically envisaged to drive socio-economic growth in the long-term, and ensure balanced growth that will benefit all sections of the society, especially the underprivileged.
Al Suwaidi explained ADFD began its contributions for growth projects in Yemen in 1974, financing 12 projects valued at Dh394 million.
It has further supervised the execution of 21 projects financed by the Government of Abu Dhabi worth approximately Dh3 billion.
He reiterated the government's support to strengthen the sustainable growth drive of Yemen which covers several key sectors.
The two countries also signed 11 other memoranda of understanding. These covered cooperation in higher education and scientific research, protection of consumers, setting up a joint business council, and developing exports and fish resources, among others.