Govt keen to support microfinance industry in Yemen

SANA'A, Aug. 01 (Saba) - Minister of Planning and International Cooperation Abdul Karim al-Arhabi affirmed on Sunday the
government's keenness to support the industry of microfinance in Yemen.

At the lunch of the Microfinance Network in Yemen, al-Arhabi pointed out that the
launching of the network is a qualitative development in this industry in Yemen.
Al-Arhabi affirmed the government's intention to create infrastructure to boost
this industry, which is one of the major mechanisms to combat poverty ,weather in
rural or
urban communities, scattered as 130 rural localities and 3600 urban localities.
He stressed the importance that the microfinance network plays its essential role
in building capacities and promoting efficiencies of Yemeni cadre working in this
field
as this represents the base to activate the role of this industry in enhancing the
government's efforts to combat poverty and unemployment.
The development of the microfinance industry in Yemen is a governmental priority
that receives great attention by the political leadership, al-Arhabi pointed out.
For his part, Chairman of Board of Directors of the Microfinance Network Mohamed
al-Lei said that the network was established in partnership with the Social Fund
for Development
(SFD) and the United Nations Development Program (UNDP).
Al-Lei revealed that there is an increase in the average of loans granted for
financing the small and smallest projects by 35 per cent for the period (from
January 2009-
July 2010), which contributed in rising the number of loans to 320 thousand loans
with an amount of more than YR 20 billion.
The Microfinance Network is a non-governmental organization. Its board of directors
consists of microfinance institutions and banks.
The methodology of its work is based on a non-profit vision including providing
financial services and other diverse and sustainable services.
BA