Two support groups in Yemen have signed to partner in assisting Business Resilience of MSMEs. It is reported that the Islamic Corporation for the Development of the Private Sector and Tadhamon International Islamic Bank have signed to collaborate to this end.
It is reported that the first part will take care of about 300 firms -availing them training to help them grow and backing them with financial assistance. This is contained in a report from Islamic Corporation for the Development of the Private Sector, as distributed by APO. It is reported that the signing of the agreement was between Mr Khaled Al-Al-Aboodi, CEO of ICD and Mr Mahmoud Al-Refai, General Manager TIIB, with the aim of enhancing the efficiency recorded by running a private business.
“The objective of the Business Resilience Assistance for Value-adding Enterprises (BRAVE) project aims to enhance the resilience of the private sector, as the engine of sustainable growth, against the impact of ongoing conflict. The pilot phase will support around 300 firms in five key sectors (agribusiness, food processing, fisheries, garmenting and health care) through an integrated package of tailored training program and financial support in partership with four local banks: Tadhamon International Islamic Bank (TIIB), SIB, KIMB, and National Bank of Yemen (NBY).”
The report also informs of the profound enthusiasm from both of signatories. Mr Khaled disclosed that their wish to step in is a way of helping to overcome the challenges faced by people in the private sector area. He disclosed that they have two other patners from the Yemeni Bank.
“During the IDB Group annual meeting, ICD and SMEPS signed with two implementation partners from the Yemeni Bank. Today we are pleased to expand such partnership to include TIIB as the largest private Bank in Yemen. We are confident that TIIB involvement is a remarkable addition to the collective efforts aimed at overcoming the challenges faced by private firms in Yemen,” the CEO of ICD stated.
Mr Mahmoud, on the other hand, prayed to the Almighty for divine assistance, revealing that it’s indeed an honour to participate in the BRAVE Project.
“We are honored to announce our participation in BRAVE project in cooperation with the Islamic Bank for Development and the ICD and Social Fund for Development. TIIB is prepared to offer all necessary facilities and services to make this project a success. This cooperation, comes to enhance the resilience of small and micro financed projects that have struggled over the current crisis. BRAVE project contributes into key sectors which are: health, agriculture, fisheries, food, and textiles. We pray to Almighty Allah for the success of this project,” the General Manager of TIIB prayed.
