AYCC, IFC sign $70 mln loan agreement to build cement factory in Hadramout
The Source: Sabanews - 30/06/2007
Home \
Local News
The Arab-Yemeni Cement Corporation (AYCC) signed, on Saturday, with the International Finance Corporation (IFC) a loan agreement at sum of $70 million to set up a cement plant in Ayn region of Hadramout governorate.
The total cost of the plant is $260 million. It is expected that the annual production capabilities of the factory would reach 1.5
million tons.The agreement was signed by Zamil al-Maqrin, board member of AYCC, and IFC director for the Middle East and North Africa Michael Essex, Minister of Planning and International Cooperation Abdul-Karim al-Arhabi affirmed the importance of the project as it would create many job opportunities.He renewed commitment of the government to offer all support to encourage investment of the private sector in the country.''The government is going ahead with reforms to better climate of investment in Yemen and attract local and foreign capitals," he said.Al-Maqrin pointed out to development returns of the project for the region by offering jobs and improving infrastructure of the region.The signature of the agreement reflects trust of the IFC in credibility of the corporation and opens new futurehorizons of cooperationbetween them. "Up to this loan, volume of IFC investments in Yemen increases to $100 million in 2007, " Essex said.He made it clear that this figure is considered the highest investment level for the IFC in Yemen since 50 years.
|