Financing impoverished youth
The program was launched in coordination with the Selatak Foundation, Sanabel Microfinance Network in Yemen and the Gesellschaft für Internationale Zusammenarbeit (GIZ).
“This program targets marginalized and poor people who don’t have access to financial services in order to enable them to have all financial facilities, including savings,” Ahmed Al-Zamzami, director of GIZ Microfinance, said. “Saving is very important, but banks usually do not open opening saving accounts with low amounts of money.”
Al-Zamzami said the program aims to teach the importance of saving and to establish good relations between banks and people so that they can get loans in the future. It was designed with cooperation by the Al-Kuraimi Islamic Microfinance Bank, Al-Amal Microfinance Bank and Selatak Foundation.
In addition to aiding youths with opening savings accounts, GIZ will provide a financial education program, training approximately 15,000 young men and women, Al-Zamzami said.
After applying and being accepted into the program, participants will be trained locally for 20 to 30 hours and provided with the resources to later train other youths.
Dr. Mohameed Al-Maitami, a representative of the Selatak Foundation in Yemen, said the program aims to improve the lives of young Arabs through training; they will emerge qualified for various jobs or able to start their own businesses.
“The Selatak Foundation gives the youth the same amount they open the account with at the beginning to encourage them to save more,” Al-Maitami said. “This way, marginalized and poor people will be able to save money, so that they can take loans and know how to use them.”
Yusof Al-Kuraimi, the CEO of Al-Kuraimi Microfinance, said Al-Amal Microfinance Bank and Al-Kuraimi Microfinance Bank will be the official banks for the program.