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Yemenis welcomed the announcement that Saudi Arabia and the United Arab Emirates would accelerate aid to the war-torn country.
The aid, worth about $3.3 billion, will improve services, especially electricity, water and transportation, and boost the economy and local currency.
Yemen’s Presidential Leadership Council Chairman Dr Rashad Alimi held talks in Riyadh on Thursday with Saudi Deputy Defense Minister Prince Khalid bin Salman, who announced a package of new projects in Yemen worth 600 million Dollar.
They also agreed to expedite funding from Saudi Arabia and the UAE.
The Saudi Yemen Development and Reconstruction Plan will implement 17 projects worth $400 million covering six sectors including energy, transportation, education, water, sanitation and building state institutions.
It will provide $200 million to provide oil derivatives to operate power stations to meet the needs of the Yemeni people and ease their suffering.
Yemenis in the interim capital Aden and the liberated areas hope the announcement will bring about tangible changes in the coming weeks, especially in terms of providing fuel and improving electricity.
New initiatives by Saudi Arabia and the UAE include the implementation of 17 emergency projects in Aden, Taiz and Hadramaut. Meanwhile, the Yemeni government and the Central Bank of Aden will focus on receiving deposits from the Saudi-UAE valued at $2 billion.
The latest aid announcement boosted the rial, which traded at 1,050 per dollar. The ratio is expected to increase further.
Abdulhamid al-Masajidi, a Yemeni economic researcher, told Asharq Al-Awsat that the development package announced by Saudi Arabia would have a positive impact on the local economy and public services, especially water and electricity.
“The package will help the government to provide the necessary political and security environment to implement the reforms desired by the Arab Monetary Fund,” he added.
He revealed that the funds will be used to provide fuel and build natural gas power plants to meet growing local demand.
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