Bank For the Poor Set up in Yemen with $5.5 Million
The Arab Gulf Program for UN Development Organizations (AGFUND) are in progress of setting up a "bank for the poor" in Yemen, with a capital of $5.5 million, the Middle East Times reported.
A statement released by Riyadh-based organization was quoted by the daily as saying the "AGFUND will provide a $2 million capital to the bank, the first of its kind to be set up in the Arab world, the daily said, while the Yemeni government will contribute with $2.5 million, with another $1 million from the private sector,” according to the statement.
The paper said that this "banking system will allow the poor to become partners of the bank and shareholders," adding that Egypt, Lebanon and Jordan had agreed to setting up similar banks -- Albawaba.com
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