The Kuwait Fund for Arab Economic Development (KFAED) announced on Thursday aid worth $6 million for the Yemeni government through its Decent Life Resources Department, an organization devoted to helping Islamic countries in need.
In a press release, KFAED said the agreement was signed between KFAED and Yemen in Marrakech, Morocco. The Kuwait Fund manages both the Decent Life Resources Fund and the Social Fund for Development. The two sides were represented by the General Manager of KFAED, Abdulwahab Al-Bader, and Yemen’s Minister of Planning and International Cooperation, Dr. Mohammad Al-Saadi.
The KFAED statement said that the $6 million aid would be utilised to increase food production in Yemen. Part of the grant will also be allocated toward the Social Fund for Development (SFD), which provides financing for micro projects in agricultural production, labour, or support services including manufacturing products, storage, and marketing.
SFD will also be required to allocate a minimum of $2 million to promote the financing of small loans, the agreement said.