Key Intersections Project (Phase III)
A loan agreement for KD 10 million was signed in Sana’a on 6 March 2011 between the Government of the Republic of Yemen and the Arab Fund for Economic and Social Development to help finance the Key Intersections (Phase III).
The loan agreement was signed by H.E. Mr. Abdul Karim Arhabi, Deputy Prime Minister for Economic Affairs - Minister of Planning and International Cooperation, on behalf of the Government of the Republic of Yemen, and by H.E. Mr. Abdlatif Yousef Al Hamad, Director General/Chairman of the Board of Directors, on behalf of the Arab Fund.
The project aims to improve the efficiency of the major road network and to address traffic congestion in the capital Sanaa, through the introduction of the necessary improvements on a number of key intersections along the main axes points. The project includes improving five key intersections through the construction of tunnels, flyovers and other works. The project also includes the provision of technical services necessary for reviewing and updating the designs, preparation of tender documents, analysis of bids, and overseeing the implementation of the works.
The project includes the following main components:
1 - the implementation of the works.
2 - technical services.
The loan will carry interest at 2.5% per annum and will be repayable over 25 years with a 5-year grace period.
This loan was signed along with three other loans. With the singing of these four loans, the Arab Fund's total contribution to financing projects in the Republic of Yemen now amounts to KD 719.650 million.