Almotamar.net - The Kuwaiti Fund for Arab Economic Development is to sign in Sana’a on 23 March, 2010 with the Yemen Ministry for Planning and International Cooperation, agreement on financing Socotra Port Project at an estimated cost of $ 50 million. It is scheduled tat the Director General of the Kuwaiti Fund would arrive in Sana’a next Monday for this purpose.

The Kuwaiti ambassador to Yemen Salem Ghasab al-Zamanan has emphasized that the signing of the agreement comes as culmination of talks held by officials of the Kuwaiti Fund with during the past period with officials t the Yemeni Ministry of Planning and International Cooperation where the two sides signed in first initials an agreement on 17 November 2009 , pointing out that funding the project comes within offering the finance amount that the state of Kuwait pledged to offer at the London Donor Conference in November 2006 , amounting to $200 million.

In a statement to Almotamar.net, the Kuwaiti ambassador expected that the Socotra Port would be among the important strategic projects in Socotra Archipelago and to constitute an effective economic addition to the Yemeni distinguished ports, pointing out that the project would contribute to support the economic and social development in the Socotra Island through activation of trade between the Island and the Yemeni ports.