Yemen's council of ministers on Tuesday, September 4, approved the partial privatization of the National Bank of Yemen (NBY), the official SABA news agency reported. It said 60 percent of the Aden-based NBY, the nation's top bank, would be sold to a "strategic partner," with 20 percent up for public subscription and the government holding on to the remaining 20 percent.
Since 1995 the Yemeni government has been following a program sponsored by the World Bank and the International Monetary Fund to lower subsidies and privatize state industries. The NBY was founded in 1969 and has 31 branches nationwide. — (AFP, Sanaa)
© Agence France Presse 2001
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