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HH Sheikha Moza visits Al-Amal Bank in Yemen
The presence of Her Highness Sheikha Moza bint Nasser, Chair of the Silatech Board of Advisers and, Silatech and Al-Amal Microfinance Bank publicly announced, in Sana’a, the broadening of their strategic partnership to significantly increase youth access to micro-finance loans and business development services in Yemen.
Her Highness announced a personal contribution of $2 million to Al-Amal Bank for funding small enterprises operated by young people throughout Yemen and affording business development support to ensure the sustainability of their efforts.
Her Highness was introduced to some of the projects funded by the bank as she toured the facility and met as well with Yemeni ladies and reviewed samples of their projects for small enterprises start ups, where she noted that all that is needed is a strong will to start developing their small enterprises especially with the simple financing mean offered by the bank.
Mr. Mohammed Allai, Executive Director of Al Amal Bank presented a detailed explanation to Her Highness about the bank activities and the financial services it offers to Yemenis with the aim of ameliorating the social and economical circumstances of low and limited income families in Yemen.
Silatech and Al-Amal Microfinance Bank, Yemen’s fastest growing and 2nd largest microfinance institution, committed to scaling-up their co-created and co-financed Youth Loan Fund through a joint investment of $2 million. This investment will enable the The Youth Loan Fund to provide complete business support services for up to 50,000 young Yemeni entrepreneurs over the next three years. It is estimated that that these loans will create or sustain around 75,000 youth jobs over the same period.
Silatech and Al Amal Microfinance Bank also recognize the importance of non-financial support services for enterprises led by young people. This Youth Fund will also include a Social Innovation Fund which will serve to drive the development of youth-focused enterprise training, incubation, and market access solutions. Moreover, Silatech will support Al Amal Bank in the development of new youth-focused products and services as well as marketing and outreach solutions using regional and global partnerships and innovative technologies.
“In Al-Amal Bank we found a partner with a shared mission; a financial institution committed to improve the social and economic status of young people across the Arab world,” said Rick Little, CEO of Silatech. “Silatech is honored to grow our partnership with Al Amal Bank. Together we are focused on making an impact in the efforts to overcome the youth employment challenge by playing a role in contributing, along with the government of Yemen, the private sector and civil society to the economic development the people of Yemen deserve.”