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Al-Amal Microfinance Bank and Silatech sign a Memorandum of Understanding
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09/06/2009
Al-Amal Microfinance Bank signed a Memorandum of Understanding with Silatech during the 2009 Silatech Summit in Doha, Qatar on the 8th of June. The MOU establishes collaboration between the two parties to increase self-employment opportunities for Yemeni youth (aged 18-30) through providing them with access to microfinance products.
The joint venture is an investment by Al-Amal bank and Silatech which will provide loans to more than 800 micro-entrepreneurs during an initial 24 month pilot period. It is estimated that these loans will provide close to 1000 employment opportunities to Yemeni youth.
Initially the program will target urban youth in major cities, but, following the pilot project, will scale this to loan to significant numbers of youth in rural and underserved areas outside urban areas.
The MOU was signed in Doha by Mr Mohammed Al-lai, the CEO of Al-Amal Microfinance Bank, and Mr Rick Little, the CEO of Silatech.
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