Minister of Planning Discusses Promoting Private Investment in Yemen with IFC Vice President
SMA NEWS – WASHINGTON
The Minister of Planning and International Cooperation, Governor of Yemen at the World Bank Group, Dr. Waed Badhib, discussed in Washington, DC, with Riccardo Puliti, Vice President of the International Finance Corporation for the Middle East and Central Asia, ways to enhance the role of the private sector and expand investment in Yemen.
During the meeting, held on the sidelines of the annual meetings of the World Bank Group and the International Monetary Fund, Minister Badhib praised the efforts of the IFC team in supporting Yemen. He reviewed the progress made in the economic reforms implemented by the government, including stabilizing the national currency and improving the business environment despite significant challenges.
The Minister of Planning and International Cooperation affirmed the government’s commitment to supporting the private sector through a package of reforms, including the approval of a public-private partnership law, reform of state-owned enterprises, and modernization of the financial system through tools such as electronic payments, in addition to facilitating investment and licensing procedures. He noted that the Yemeni private sector has demonstrated remarkable resilience despite years of conflict, with small and medium-sized enterprises and family businesses continuing to support livelihoods in difficult circumstances. He emphasized that this represents a strong foundation upon which to build.
Minister Badib called on the International Finance Corporation (IFC) to expand its investments in several vital sectors, primarily public-private partnership projects, by providing technical and financial support to implement successful model projects. He called for expanding women’s economic empowerment programs by supporting businesswomen and women’s projects, considering this a national priority.
For his part, the IFC’s Vice President for the Middle East and Central Asia praised the reforms implemented by the Yemeni government and its commitment to improving the business environment. He affirmed the IFC’s commitment to continuing to support the private sector in Yemen through project financing, technical advice, and risk reduction tools.
Politi expressed his appreciation for the resilience of the Yemeni private sector under difficult circumstances, noting that the Corporation is committed to working with the government and the private sector to identify priority investment opportunities in labor-intensive sectors. He explained that the One World Bank Group approach aims to provide integrated solutions that combine policy and reform support from the World Bank, private investments from the International Finance Corporation (IFC), and investment guarantees from the Multilateral Investment Guarantee Agency (MIGA).
The IFC Vice President noted that the IFC’s current portfolio in Yemen includes $15.9 million in investments in the food and health sectors, expressing the Corporation’s readiness to expand its portfolio into other promising sectors that contribute to job creation and support economic recovery.
In conclusion, the two sides expressed their commitment to deepening the partnership to support the private sector and job creation as a foundation for economic recovery and sustainable stability.
