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

    Meet the deported nurse aiding asylum seekers at US-Mexico border

    Meet the deported nurse helping refugees at the border

    Francisco 'Panchito' Olachea drives a beat-up ambulance around Nogales, taking care of those trying to get to the US.

    The rise of Pakistan's 'burger' generation

    The rise of Pakistan's 'burger' generation

    How a homegrown burger joint pioneered a food revolution and decades later gave a young, politicised class its identity.

    'We will cut your throats': The anatomy of Greece's lynch mobs

    The brutality of Greece's racist lynch mobs

    With anti-migrant violence hitting a fever pitch, victims ask why Greek authorities have carried out so few arrests.