Financial and Banking News

AID FLOWS

IFAD Lends $2.5mn to North Yemen

The International Fund for Agricultural Development (IFAD) has lent $2.5mn to North Yemen to finance a rural development program, it was announced in Rome on 22 June. The IFAD loan is for 50 years, including 10 years grace, and comes with a 1% service charge. The loan will co-finance a $28.5mn project whose other foreign aid donors are the IDA and the Swiss Government.