The Kuwait Fund for Arab Economic Development (KFAED) will resume its development projects in Yemen and outstanding arrears owed to the Fund would be rescheduled, according to official sources.
for financial arrangements, the resumption of Kuwaiti development projects, and the rescheduling of outstanding arrears owed to the Fund.
According to the sources, the Internationally Recognized Government of Yemeni singed in Riyadh, an agreement with the Kuwait Fund for Arab Economic Development (KFAED) on Saturday
The agreement aims to relaunch Kuwaiti funding for development programs and alleviate the debt burden on Yemen by rescheduling the repayment of overdue interest and installments. This will help the government face the emergency economic and financial burdens exacerbated by the Houthi attacks on oil installations and international shipping lines.
The sources added that the agreement represents an important message regarding the special nature of Yemeni-Kuwaiti relations, the improvement of trust 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.
The funding includes a number of service and development sectors, foremost of which are electricity and energy, education, and public works.