Official Launching of Yemen Microfinance Network

Jul 2010
Sana’a, Yemen, July, 31 2010 - The Yemen Microfinance Network is holding its official launch on 1st August 2010, at the Movenpick Hotel, Sana’a, Yemen.

It will be held under the patronage of H.E. Abdul Karim I. Al-Arhabi (Deputy Prime Minister, Minister of Planning & International Cooperation and Managing Director of the Yemen Social Fund for Development).

The Yemen Microfinance Network (YMN) is a member based association registered in 31st August 2009 under the Ministry of Social Affairs and Labor as a non-governmental organization (NGO), having its own board of directors consisting  microfinance member institutions.

To support to a more “inclusive finance sector” in Yemen and to address the issue of capacity building and transparency to increase the outreach of microfinance services in the country, the government of Yemen represented by the Social Fund for Development (SFD) and the United Nations Development Program (UNDP) initiated a joint 3 year project to establish the first national microfinance network in the country, the Yemen Microfinance Network (YMN)

The project aims to build supportive infrastructure necessary to enhance the capacity of local institutions and provide a range of financial services and products to the entrepreneurial poor, in a cost efficient manner, thereby increasing sustainable access to finance and enhancing the scope for participation of youth and women in economic activities.

Source : Yemen Observer

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