A senior Yemeni government official revealed that the government is preparing for the launch of the Al-Amal Bank. The new bank will specialize in providing small loans to the low-income class of society, reported Al-Hayat . The Yemeni Undersecretary of Labor and Social Affairs, Ali Saleh Abdullah, said that the new bank will provide ordinary banking services in addition to financial credit services for underprivileged persons.
Al-Amal is the first bank to cater to the needy in the Arab World. The bank’s estimated capital stands at $5.5 million contributed by the government, the private sector and the Arabian Gulf Program for Supporting UN Organizations. The new bank is another governmental attempt to rectify the problem of poverty in Yemen. — (menareport.com)
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