Following recent loans from the World Bank and Japan, The Arab Fund for Social and Economic Development will offer Yemen financial assistance in developing the Marib power plant.
In a bid to continue structural reform, the Arab Fund for Social and Economic Development granted Yemen US $84 million on June 03 to construct a power station 170 kilometers from Sanaa.
According to the national news agency, SABA, the gas-powered Marib project will cost around $153 million. The Saudi Development Fund is set to contribute $50 million, while the Yemeni government will cover the remaining $19 million.
The power plant will initially generate 2800 megawatts, thus easing Yemen’s energy problems and exploiting the country’s gas reserves, which are estimated at 288.6 billion cubic meters.
Yemen, which is one of the world’s poorest nations, received in April a $4 million loan from Japan, while in January, the World Bank pledged $96 million for developments aimed at boosting investment, encouraging growth and creating jobs in the port cities of Aden, Hodeidah and Mukalla.