Saudi Arabia Pledges $3.25 Billion in Aid to Yemen
May 24, 2012
(WASHINGTON, DC) – Saudi Foreign Minister Prince Saud al-Faisal reaffirmed the Kingdom’s support for the Republic of Yemen and pledged $3.25 billion in development aid as part of the more than $4 billion package from Western and Gulf states following the Friends of Yemen ministerial meeting in Riyadh on Wednesday. The conference addressed strategies to stabilize the country, ensure peace and resolve the worsening humanitarian situation.
“The meeting has taken into a consideration that consolidating security and stability is a prerequisite to realize development and prosperity,” said Prince Saud. “This would enable the Yemeni Government of National Unity, supported by the world community and concerned bodies, to improve the conditions of the Yemeni people and to achieve development and revival, in accordance with needed projects and development programs.”
Prince Saud confirmed that international support for Yemen will include cooperation with the Yemeni government by providing it with expertise and aid needed in economic, administrative, security and military fields.
Saudi Arabia and Yemen also signed an agreement to establish two development projects in Yemen, worth $105 million, which will be granted by the Kingdom. The first project includes an increase in the number of power lines and the second project supports the Teaching Hospital in Sana’s University.