RIYADH, Aug. 12 (Xinhua) -- Saudi Arabia and Yemen signed on Sunday a memorandum of understanding (MoU) to provide Yemeni power stations monthly with oil substances worth 60 million U.S. dollars, Sabiq online news site reported.

The grant lasts three months and could be renewed upon agreement between both sides.

It aims to back the fast recovery of the Yemeni economy after years of war and conflicts between armed groups. The grant would ensure continuous power supply to important facilities, mainly hospitals.

Saudi Arabia is leading a coalition involved in the war in Yemen against Houthi rebels. It has been providing various financial and economic assistance to Yemen to ease the war burdens on civilians.