Central Bank of Yemen Discusses a project for Facilitating Credit for Basic Martials with International Finance Corporation (IFC)

[su_label type=”info”]SMA News – Beirut – Exclusive [/su_label][su_spacer size=”10″] Governor of Central Bank of Yemen, Dr. Mohamed Mansour Zemam, met Mr. Al-Sayed Saad Sabra, representative of the International Finance Corporation (IFC), the trades arm of the World Bank, in Beirut to discuss mechanism and procedures of a fund for financing and facilitating international trade in Yemen to facilitate credits for commercial banks for importing basic materials for Yemen. The project is based on IFC to facilitate and credit imports of basic materials through commercial banks for experienced traders with international relations. Materials include rice, sugar, wheat and medicine. The project aims to provide traders with sufficient time for covering these credits after import for 3-6 months. Granting countries are to provide the fund with money while IFC runs the fund. Central Bank of Yemen may observe and supervise chosen banks for applying legal and procedural requirements, including international commitments. Kingdom of Saudi Arabia is the only country that expressed preliminary approval for financing the project with 100 million US Dollars outside the two-billion-Dollar deposit.
Dr. Zemam also met Dr. Riad Salama, governor of Central Bank of Lebanon, and discussed expertise exchange between the banks as both countries have the same conditions of political instability while the Central Bank of Lebanon is well-recognized with good monetary administration leading to economic stability despite political instability.