Financial and Banking News

AID FLOWS

OFID and IFAD Lend North Yemen $7.5mn

The OPEC Fund for International Development (OFID) will lend North Yemen $5mn to help finance the Fardah-al-Hazm road project in the northeastern al-Jawf region, under an agreement signed in Sana'a on 11 May. The 56-km. road project will cost $11.9mn and will take three years to complete. The loan, to be administered by the Islamic Development Bank, is repayable in 17 years, including a grace period of five...