Silatech and Al Amal Microfinance Bank: Celebrating achievements in Yemen
Doha, Qatar (12 January 2010) – Silatech was honored by Al Amal Microfinance Bank as Al Amal’s 2009 Partner of the Year at the Bank’s Festival of Hope in Sana’a, Yemen. The event convened young entrepreneurs, government officials, academics as well as private and public sector leaders in Yemen to celebrate Al Amal Microfinance Bank achievements for positive social change.
Silatech announced at June 2009 Silatech Doha Summit a strategic partnership with Al Amal Microfinance Bank to co-create and co-finance a Youth Microfinance Fund. The Youth Microfinance Fund facilitates access for young entrepreneurs to loan capital that will help them grow and expand their business activities and provide them access to the formal banking sector for the first time.
Silatech is committed to improve the social and economic status of young people around the Arab world, and its partnership with Al Amal Bank affirms its dedication to addressing the challenge. Since commencing operations in October 2009 the Fund has assisted over 1200 youth run businesses to access loans and has supported the creation of an estimated 2000 additional jobs.
The Youth Microfinance Fund is providing small loans to young clients at a rate which is over 5 times higher than originally predicted, demonstrating the significant unmet demand for youth-oriented financial services in Yemen. Clients of this Fund now account for 20% of all Al-Amal’s active loan clients underscoring the Bank’s decision to name Silatech as its 2009 Partner of the Year.
Al Amal Bank’s “Festival of Hope” took place on Thursday January 7th in the Yemeni capital Sana’a. Yemeni’s Deputy Prime Minister, Minister of Social Affairs and Labour and the donor community were all present at the award ceremony. Dr. Mohammed Al-Maitami, Silatech’s Yemen Country Relationship Manager said in acceptance of the award “We are really proud to receive this recognition from Al-Amal. This award is a direct outcome of the hard work which both organizations have put in to create a youth microfinance product which directly focuses on improving socioeconomic opportunities of youth in Yemen today”.
Mr. Mohammed Al-Lai, Executive Director of Microfinance Bank, said “Our partnership with Silatech is enabling us expand our client base to young Yemeni entrepreneurs. Entrepreneurship is an underserved segment of the micro-finance market and one which offers significant opportunities for growth. We look forward to strengthening our partnership with Silatech over the coming years to build a bright future for Yemeni youth.”
