Saudi Arabia and Yemen have signed an agreement to reschedule 249 million dollars of Yemeni debts to the kingdom, a Yemeni finance ministry official was quoted as saying by the Gulf Daily.
He said that the two neighboring countries also signed a deal last week by which Saudi Arabia would extend $300m in fresh loans to help finance a number of projects in Yemen, including roads and electricity projects.
The official said the rescheduling reduced the debt by 70 to 80 percent and extended repayment to 40 years, according to the Daily.
In another development, both countries signed Saturday in Riyadh an agreement for establishing joint business council aimed at boosting economic relations.
The agreement was signed by representatives from the two countries' chamber of commerce.
Last month, the two countries held talks on the application of their border agreement that was signed in June 2000.
The accord delineates their 1,350 kilometer (800-mile) border, putting to rest several decades of contention - Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
