Oil-rich neighbors to set up recovery fund for Yemen

A street scene in Sana'a during the Yemeni uprising in April 2011. Photo by: Sallam / CC BY

Yemen’s neighbors are paving a road to recovery for the strife-torn country.

Yemeni Prime Minister Mohammed Basindwa told Reuters Monday (Jan. 16) that Yemen — which needs tens of billions of dollars to rebuild — has received assurances of financial help from Gulf Cooperation Council member countries, including Saudi Arabia. He said the country’s oil-rich neighbors will set up a fund for Yemen sometime in March or April. No figures or a timeline regarding the fund’s disbursement, however, has been set.

Money from the fund will go directly to approved development projects and will bypass the government. Basindwa said the government’s role will only be to submit a list of projects the country needs.

“They’ll after (that) hold tenders and choose the right companies to implement. We will have nothing to do with choosing the consultants, companies that will carry out such projects… We don’t want cash money from that fund going to our Treasury,” he said.

Civil unrest and a continuous influx of refugees from the Horn of Africa have placed the poor country in deep humanitarian crisis. Experts noted, however, that Yemeni President Ali Abdullah Saleh’s agreement to step down from power and a successful election in February could encourage donors to provide assistance to Yemen.

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About the author

  • Jenny Lei Ravelo

    Jenny Lei Ravelo is a Devex Senior Reporter based in Manila. She covers global health, with a particular focus on the World Health Organization, and other development and humanitarian aid trends in Asia Pacific. Prior to Devex, she wrote for ABS-CBN, one of the largest broadcasting networks in the Philippines, and was a copy editor for various international scientific journals. She received her journalism degree from the University of Santo Tomas.