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YMN Officially Inaugurated

The Yemen Microfinance Network (YMN) official inauguration was held on Sunday August 1st, 2010 at the Mövenpick Hotel in Sana'a. The official launch was 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). "By inaugurating YMN, we now have the infrastructure system needed to raise the microfinance business in Yemen," said Al-Arhabi. "Thanks to Allah, and then to the Social Fund for Development. Representing the government, SFD assisted in establishing and regulating the microfinance law," added Al-Arhabi. According to Al-Arhabi, poverty in Yemen concerns many sects of society such as the youth, gender issues as well as rural areas. Small business owners do not have adequate financial services; these issues are unstudied and necessary to productivity. The YMN will be a basic provider of knowledge in the field of microfinance. The YMN aims to provide over 300 Microfinance Institutions (MFIs) employees from the credit officer to the board members with customized training.


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