Arab 'bank for the poor' opens

The first "bank for the poor" in the Arab world has been set up in Yemen under an agreement signed in Riyadh on Wednesday.

    Saudi Prince Talal bin Abd al-Aziz signed the accord

    The accord was signed by Saudi Prince Talal bin Abd al-Aziz, a half-brother of King Fahd who heads the Arab Gulf Programme for UN Development Organisations (AGFUND), and Yemeni Labour and Social Affairs Minister Abd al-Karim al-Arhabi, the official SPA news agency reported.

    Bank of Hope, as it has been dubbed, will be funded by AGFUND and contributions from Arab countries.

    In October 2000, Yemen signed an agreement with Riyadh-based AGFUND to set up the bank with capital of $5.5mn.

    AGFUND said at the time it would provide up to $2mn capital to the bank, with the Yemeni government putting up $2.5mn and a further $1mn coming from the private sector.

    "This banking system will allow the poor increasingly to become partners of the bank and shareholders," Prince Talal said, adding that Egypt, Lebanon and Jordan had agreed to set up similar banks.

    Founded in 1981 at Prince Talal's initiative, AGFUND provides grants for UN projects and coordinates aid from the oil-rich Gulf Arab states.

    SOURCE: AFP


    YOU MIGHT ALSO LIKE

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    Heron Gate mass eviction: 'We never expected this in Canada'

    Hundreds face mass eviction in Canada's capital

    About 150 homes in one of Ottawa's most diverse and affordable communities are expected to be torn down in coming months

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.