The microcredit and social business journey of Grameen Yemen Foundation began in Yemen, on July 5, with its first loan disbursement.
The ceremony took place at the first microcredit branch of the foundation – Az Zuhrah – in the Al Hudaydah Governorate.
Twelve women received microloans for sheep rearing, clothing, vegetables, transport and perfume businesses.
Thirty-six women already joined borrowing groups and Grameen Yemen will be an all-women programme, reads a press release.
Three-fourth of people in Yemen are now living under the poverty line. Majority of them are dependent on individual or institutional charity.
To make the ultra-poor of Yemen self-reliant and to develop their socio-economic condition, Mohamed Swaid, a great philanthropist and prominent business person of the country, founded Grameen Yemen Foundation in collaboration with Grameen Trust.
Grameen Trust deputed two of its senior staff to work with Grameen Yemen to build Grameen microcredit and social business programmes in Yemen.
Despite the ongoing civil war and Covid-19 outbreak in the country, Grameen Yemen succeeded to attract women to start their micro-businesses with Grameen loans.
Two seasoned officials of Grameen Trust trained the local staff and borrowers of Yemen on microcredit and the villagers of Az Zuhrah watched the loan disbursement ceremony with great curiosity.
Nobel Laureate Professor Muhammad Yunus participated in the ceremony virtually and gave the keynote speech.
Many local and international dignitaries including Finance Minister of Yemen Dr Rashid Abo Lohom, Secretary General of Management and Coordination of Humanitarian Affairs and International Cooperation of Yemen Abdul Mohsen Tawoos, Grameen Trust Managing Director and also Grameen Yemen Foundation Vice Chairman Abdul Hai Khan, and Yunus Centre Executive Director Lamiya Morshed also attended the ceremony via Zoom.
Grameen Yemen Foundation Chairman Mohamed Swaid, Deputy CEO Ahmed Al Mahfadi, Project Director Syed Mohammad Alamgir, and Branch Manager Harun-Or-Rashid were physically present at the event.