Yemen receives $1bn loan from Saudi Arabia

May 4, 2014 10:22 am

Saudi Arabia, which co-chaired the “Friends of Yemen Group” conference in London, has allocated most of the $3.25bn in aid it pledged to neighbouring Yemen, Arab News has reported. “The kingdom has deposited $1bn in the Yemeni Central Bank in the form of a loan,” said Abu Bakr Al-Qirbi, Yemeni foreign minister, who was speaking after the conclusion of the London conference last week. The $1bn loan is in addition to several other projects being funded by the kingdom and its aid agencies, like the Saudi Fund for Development (SFD) in Yemen.