Yemen needs $70bn for reconstruction, development: Minister

Yemen requires $70 billion for reconstruction and development in the country, Abdulraqib Saif Fatah, minister of local administration and chairman of the Higher Committee on Relief in Yemen said according to Al-Eqtisadiah newspaper.

Fatah made his marks following the publication of an International Bank study.

“It is a preliminary study that records losses caused by the war,” he said, adding that more than 80 percent of Yemen is under control of the legitimate government.

Saudi Finance Minister Mohammed Al-Jadaan said in a press conference Wednesday that a fund to provide the basic requirements of rice and wheat to Yemen is being established with a capital of $500 million, of which the World Bank (WB) pledged to provide $200 million and Saudi Arabia $100 million.

He said it should be done soon, while speaking at the preliminary meeting on the rebuilding of Yemen.

The meeting, which was organized by the Saudi Ministry of Finance, aimed at discussing the issue of funding the reconstruction of Yemen, donor international organizations and countries’ level of preparedness to provide support.

The WB carried out projects worth $815 million and is seeking to increase the number of projects and improve their efficiency, said Hafez Ghanem, vice president of the WB for the Middle East and North Africa.

He said the WB has prepared a draft report on the reconstruction and development requirements of Yemen in the near future.

The draft report discusses the need for funding in order to tackle the country’s food security crisis, provide financial requirements of the country’s budget and reconstruction priorities particularly in the sectors of education, health care and infrastructure.

He said the WB is working with its partners to improve the draft report and present a final document