Yemen gets $120m facility for sugar refinery project

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank (IDB) Group, concluded the signing ceremony for Aden Sugar Refinery in Yemen, Arab News reported.

ICD is acting as the'Lead Arranger of a $120 million Ijara facility for financing the equipment of the project, which will be located at Aden Free Zone, Yemen.

The syndicate of banks includes Europe Arab Bank, the Arab Fund for Economic and Social Development, OPEC Fund for International Development (OFID) and Boubyan Bank.

According to officials, the project will have a great socio-economic development impact on the Yemeni government and its people.