Yemen Embraces Micro-Finance Banking

The cabinet approved on Tuesday law of smaller funding bank presented by Central Bank of Yemen and directed referring it to Ministry of Legal Affairs for completing measures needed for its approval, reported Saba. The law aims at providing legal cover for establishing smaller funding banks in Yemen for they will be in charge of providing banking services to families, small handicraftsmen, small and smaller projects in urban and rural sectors. (via ameinfo.com)

Such a move would prove very useful for supporting and sprouting SMEs and small entrepreneurs. This is not a noel idea but has been seen working wonders in Bangladesh and other counteries. Microfinance is the way forward for under-developed and developing counteries to achieve economic growth and sustainability.
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