RIYADH: ABDUL HANNAN TAGO ARABNEWS

Saudi Arabia will be giving additional financial support to Yemen amounting to $ 3.25 billion as part of its contribution to development projects that will be agreed upon by the Yemeni side in line with the transition plan submitted by the Yemeni government at the Friends of Yemen conference in Riyadh.

The pledge was announced yesterday by Saudi Foreign Minister Prince Saud Al-Faisal at the opening of the conference.
The high profile event, aimed at mobilizing more assistance and support of the global community, was attended by GCC countries, Jordan, Egypt, Algeria, Malaysia, China, Germany, France, Denmark, India, the United States, Japan, Turkey, Spain, Brazil, the United Kingdom, Russia, Korea, Australia, the Netherlands, Italy, Indonesia and major international organizations.

Speaking on the occasion, Prince Saud said that Yemen is currently facing a complicated and difficult situation in economic, humanitarian, political and security terms, dragging the country into an unprecedented economic and humanitarian crisis.

“In 2011, as a result of recent incidents, the situation has intensified the economic, social and security challenges in the Yemeni arena, which contributed to the sharp decline of economic activity and prevented a large part of the investment program as well as the freezing of aid and assistance from some donors,” he said.

Therefore, the government of Yemen has prepared a phased program for the stability and development for the period 2012-13 as part of a short-term plan for restoring political, economic and social stability, Prince Saud elaborated.
He added: “In the interest of the Kingdom for the security and stability and Yemen’s growth, Saudi Arabia will be giving $ 3.25 billion to Yemen.”

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Ministers and top officials from donor states at the Friends of Yemen meeting in Riyadh on Wednesday. (AN photo)