ICD, Saba Islamic Bank (SIB) and Al-Kuraimi Islamic Microfinance Bank (KIMB) support Business Resilience of MSMEs in Yemen under BRAVE Project

The Islamic Corporation for the Development of the Private Sector (ICDrdquo;) (www.ICD-PS.org), the private sector arm of IDB Group, Saba Islamic Bank (SIB) and Al-Kuraimi Islamic Microfinance Bank (KIMB) have entered into partnership to support Business Resilience of MSMEs under the pilot phase of BRAVE Project currently implemented jointly with the Small and Micro Enterprises Promotion Services (SMEPS) � a subsidiary of the Social Fund for Development in Yemen.

The CEO of ICD, Mr. Khaled Al-Aboodi, and Mr. Mohammed Al-Ammari, Chairman of SIB and Mr. Yousef Al-Kuraimi CEO and Vice Chairman of KIMB, signed on behalf of their institutions during the IDB 42nd Annual Meeting, which took place at Hilton Hotel in Jeddah.

The objective of the Business Resilience Assistance for Value-adding Enterprises (BRAVE) project aims to enhance the resilience of the private sector, as the engine of sustainable growth, against the impact of ongoing conflict. The pilot phase will support around 300 firms in five key sectors (agribusiness, food processing, fisheries, garmenting and health care) through an integrated package of tailored training program and financial support in partership with four local banks: Tadhamon International Islamic Bank (TIIB), SIB, KIMB, and National Bank of Yemen (NBY).

Mr. Khalid Al-Aboodi stated that ICD and SMEPS as the local executing agency, have been successful in launching the initial stage of BRAVE pilot to receive applications from eligible SMEs across Yemen by engaging four local partner banks. We are pleased to witness today the signing with SIB and KIMB. The second round will include TIIB and NBY. We look forward to widen such partnership and include more participating banks upon the success of the pilot phase.rdquo;

Mr. Mohammed Al-Ammari said, At SIB, we are further committed, through this partnership towards promoting private entrepreneurship and resilience in the Republic of Yemen at such difficult period. Such unique partnership with the local banks will be instrumental in the effective and inclusive implementation of BRAVE across the country.rdquo;

Mr. Yousef Al-Kuraimi noted, We are delighted to be here today and take the partnership with ICD, SMEPS and the other participating banks towards more coordinated and streamlined implementation of BRAVE to ensure timely response and wider coverage of the most needy and most critical segment of the private sector which is the MSMEs. KIMB is always committed to contribute to such noble objectives.rdquo;

Source: Islamic Corporation for the Development of the Private Sector (ICD).