WASHINGTON: The World Bank on Monday lifted a funding freeze to Yemen and said it would resume relations with the new power-sharing government after closing its office in March 2011 due to political turmoil and unrest.
"The Bank's reengagement comes as a result of the improving security situation in Sanaa and the establishment of the new national unity government," the Washington-based lender said.
Yemen's parliament approved a law on Saturday granting outgoing President Ali Abdullah Saleh immunity from prosecution, part of a deal for him to step down after nearly a year of unrest inspired by revolts elsewhere in the Arab world. The US confirmed it had granted Saleh a visa to travel to the United States.
An opposition-led government formed to get Saleh out of office is preparing for elections on February 21, to replace Saleh with his ally and vice president Abd-Rabbu Mansour Hadi in a power-sharing arrangement.
The World Bank said it would conduct a social and economic impact study together with the United Nations, European Union and Islamic Development Bank.
The Bank said it would resume disbursements of credits and development grants to Yemen.
"The Bank will accelerate the implementation of key projects to restore the urgent basic services in areas affected by the crisis and to help in generating jobs," said Wael Zakout, World Bank country manager for Yemen.
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