MICROCAPITAL BRIEF: Yemen Microfinance Network (YMN) Holds Official Launch
MicroCapital (Source:http://www.microcapital.org/microcapital-brief-yemen-microfinance-network-ymn-holds-official-launch/)
The Yemen Microfinance Network (YMN), a new network of microfinance institutions in Yemen, recently held its official launch at the Movenpick Hotel in Yemen. YMN was created by the national government’s Social Fund for Development (SFD) and the United Nations Development Program (UNDP) in order to “build supportive infrastructure necessary to enhance the capacity of local institutions and provide a range of financial services and products to the entrepreneurial poor, in a cost efficient manner, thereby increasing sustainable access to finance and enhancing the scope for participation of youth and women in economic activities” [1]. YMN will be run by H.E. Abdul Karim I. Al-Arhabi, who is also Yemen’s Deputy Prime Minister. YMN is recognized under the Ministry of Social Affairs and Labor as an NGO [1]. The number of microfinance institutions involved with YMN is not available.
By Julia Korn, Research Associate
About The Yemen Microfinance Network (YMN):
The Yemen Microfinance Network (YMN) was launched on August 1, 2010 by the United Nations Development Program (UNDP) and the Social Fund for Development (SFD) in order to “build supportive infrastructure necessary to enhance the capacity of local institutions and provide a range of financial services and products to the entrepreneurial poor, in a cost efficient manner, thereby increasing sustainable access to finance and enhancing the scope for participation of youth and women in economic activities.” It is run by H.E. Abdul Karim I. Al-Arhabi, who is also Yemen’s Deputy Prime Minister. The number of microfinance institutions involved with YMN is not available as of August 2010.
About The Social Fund for Development (SFD):
Social Fund for Development (SFD) of Yemen is a governmental organization provides financial and other assistance to socially-oriented organizations in Yemen. It aims to contribute to implementing the government’s economic and social plans by increasing access to employment, production and social services. SFD has four main programs: community development, capacity building, a “Labor Intensive Program” and small and microenterprise development. The SFD does not reportedly overlap with the policy, planning, or implementation functions of the government ministries, and its scope of intervention is limited to public investment programs.
About The United Nations Development Program (UNDP):
The United Nations Development Program (UNDP) is the United Nation’s development arm. The mission of UNDP is to provide developing countries with knowledge, experience and resources in line with the United Nations’ Millenium Development Goals (MDGs). UNDP operates in 166 countries and works directly with national goverments. UNDP also publishes the annual Human Development Report, which provides a benchmark for development from each of its country offices.
Sources and Additional Resources:
[1] Yemen Observer. “Official launching of Yemen microfinance network” on July 31, 2010. http://www.yobserver.com/news-varieties/10019291.html
MicroCapital Universe. The Social Fund for Development (SFD). http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Soc…
MicroCapital Universe. The United Nations Development Program (UNDP). http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Uni…
MicroCapital Universe. Yemen Microfinance Network. http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Yem…
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