(MENAFN- Saudi Press Agency)
Mukalla, June 24, 2021, SPA -- Al-Mukalla Port in Hadramout Governorate received yesterday the second batch of the Saudi oil derivatives grant offered to the Republic of Yemen, amounting to 23,000 metric tons of oil derivatives to provide the electric generation station in the governorate, in coordination with local authorities, with its needs of oil.
Office Director of the Saudi Development and Reconstruction Program for Yemen in Hadramout and Al-Mahrah governorates Engineer Abdullah Basuleiman said that the Saudi oil derivatives grant, offered through the program, is presented in coordination and cooperation with the Yemeni government and local authorities to operate electric stations in Yemeni governorates with a value of USD422 million, as part of efforts to support the livelihood and economic conditions of the Yemeni people and as an extension of the support the Kingdom of Saudi Arabia offers to Yemen in all fields, and as a gesture of brotherly and deep-rooted ties between the two brotherly peoples.
The grant plays a role in alleviating the burden of the Yemeni budget through limiting expenditure of hard currencies by the Yemeni Central Bank on buying oil derivatives from international markets, and contributed to the stability of the exchange rate of the Yemeni riyal and fuel rates to USD, providing job opportunities, increasing the production power of Yemenis, improving the services of vital sectors, and developing the living conditions of Yemeni people.
The grant also contributes to reducing recurrent power disruptions that affect the daily life and the quality and performance of vital sector in Yemen, where this support is expected to make a positive impact that reflects on economic, health, educational and service sectors.
Development projects in Aden that are implemented by the program include 198 projects and initiatives implemented in various Yemeni governorates to meet the needs of the Yemeni brothers in seven basic sectors: education, health, water, transport, agriculture, fishery resources, and building up the capabilities of public institutions.
-- SPA
10:07 LOCAL TIME 07:07 GMT
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