[15/October/2009]  

SANA'A, Oct. 15 (Saba) - The World Bank has pledged $ 480 million in a four-year country aid for Yemen to meet the Millennium Development Goals.

The sum, which would be channeled through the International Development Agency and the International Finance Corporation, would be used to finance 14 development projects over the next four years.

The bank's strategy for Yemen said the aid would be released by the IFD giving $ 140 million in 2010, $ 100 million in 2011, $ 120 million in 2012 and $ 120 million in 2013.

The strategy approved by the WB's CEOs in May this year, noted that the bank will finance in 2009 five developmental projects including the project of development of port cities at a cost of $ 35 million, the second higher education project at $ 10 million, the anti-bilharzias project at $ 20 million, and the fourth Social Development Fund project at $ 55 million.

In 2011, four projects would be financed including the finance modernization project at a cost of $ 10 million, the comprehensive urban development project at $ 30 million, and the healthcare and population project at $ 30 million, and the bank will also give $ 30 million in "development policy to improve support aid".

In 2012, the bank will finance three projects including the basic education improvement project at a cost of $ 40 million, the fourth public works project at $ 40 million, and the project of improvement of access to rural areas at $ 40 million.

In the fourth year, the bank will finance the water sector improvement project at a cost of $ 90 million and the agricultural development project at $ 30 million.

The strategy also revealed likely operations during the last years of the aid that will need $ 125 million.

These operations may include a loan for development policies over the financial sector at $ 30 million, the natural gas project at $ 15 million, the project of safeguard of Ibb city from floods at $ 30 million, the power project at $ 40 million, and the Social Welfare Fund project at $ 10 million.

The main goal of the aid, which comes within the WB country assistance strategy, is to help Yemen meet the third Millennium Development Goals.

According to the strategy, the aid must be in harmony with the goals of the development plan for reducing poverty, and bound to them that sustainable development is tied to progress in other areas including accelerating economic development and diversifying its components; and supporting the promotion of administrative system, social and human development as well as management of limited natural resources and risks.

The bank will also work to provide analysis and consultation assistance to meet the goals.

FR