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Yemen, IFAD discuss development cooperation ties

Yemen, IFAD discuss development cooperation ties

[30/March/2010]

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SANA'A, March 30 (Saba)- Yemen and the International Fund for Agricultural Development (IFAD) discussed on Tuesday the possibilities of Al-Amal Bank to access the Economic Opportunities Fund launched by IFAD in collaboration with the European Union and the Islamic Bank for Development during the next phase.

Executive Director of Al-Amal Microfinance Bank Mohammed al-Lai held talks with the Regional Director of IFAD Nadim Khouri on the objectives of the Economic Opportunities Fund of which to alleviate poverty in the rural areas and encourage owners of micro enterprise projects.

During the meeting, al-Lai pointed out the Al-Amal Bank seeks allocations from the Fund to cover liquidity needed by the bank during the next period to provide employment opportunities for youth and the unemployed poor people.

Al-Lai reviewed the Bank's activities during the last period, pointing out the Bank needs approximately $30 million to implement mechanisms and strategic plans of the next phase.

For his part, IFAD Regional Director affirmed the importance of benefiting from the Economic Opportunities Fund to combat poverty in rural areas in Yemen through encouraging farmers to market their products.

He said the Fund will provide sufficient money to provide employment opportunities for rural people and their families to take advantage of existing mechanisms of the Bank.

SA/AM

Saba

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