RIYADH: The Saudi Development and Reconstruction Program for Yemen and the Small and Micro Enterprises Promotion Service have inked an agreement to promote local markets in Yemen, Arab media reported on Thursday.
The agreement was signed with the presence of general supervisor of the program, Ambassador Mohammed bin Saeed Al-Jaber.
Agreement Signed to Support Local Markets in Yemen
The project is one of the outcomes of the tripartite cooperation agreement signed, between the Islamic Development Bank, SDRPY, and the Yemeni Ministry of Planning and International Cooperation in January 2023. It was related to enhance and develop cooperation in economic empowerment programs in Yemen.
The project is aimed to address the challenges related to agricultural production value chains and improving access to markets. Currently Yemen has three vital products, coffee, honey, and onions.
Saudi Arabia has already committed $1.2 billion aid to Yemen to end country’s economic woes. The Yemeni economy has been dealing with a weak currency and mounting prices.
Saudi Arabia’s pledge to provide significant financial aid underscores its commitment to supporting Yemen during these challenging times.
The aid package not only addresses urgent economic concerns but also seeks to lay the groundwork for a comprehensive and inclusive political resolution to bring peace in the country.
Earlier, head of Yemen’s Presidential Leadership Council Rashad Al-Alimi had said that Saudi financial aid shows the Kingdom’s strong support for the Yemeni people and their legitimate government.
