Grameen Yemen launches Microcredit and Social Business in Yemen

The first Loan Disbursement Ceremony of GYF was held at Az Zuhrah branch, the first Microcredit Branch of Grameen Yemen in the Al Hudaydah Governorate of Yemen on July 5, 2020. Twelve women received micro loans for Sheep rearing, clothing, vegetables, transport and perfume businesses. Thirty six women already joined the borrowing groups. Grameen Yemen will be an all-women programme.

Three fourth of the population of Yemen are under the poverty line. Majority of the Yemeni people are dependent on individual or institutional charity. To make the ultra poor self reliant as well as to develop their socioeconomic condition, Mr. Mohamed Swaid, a great philanthropist and prominent business person of Yemen founded Grameen Yemen Foundation in collaboration with Grameen Trust. Grameen Trust (GT) deputed two of its senior staff to work with Grameen Yemen to build Grameen microcredit and social business programs in Yemen. Despite the civil war in the country and now Corona pandemic spreading everywhere Grameen Yemen succeeded in attracting women to start their own micro businesses with Grameen loans. Local staff and borrowers have been trained by GT staff to get them prepared for this unfamiliar undertaking. 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 via zoom. Mr. Mohamed Swaid, Chairman of GYF, Mr. Ahmed Al Mahfadi, Deputy CEO, Mr. Syed Mohammad Alamgir, Project Director and Mr. Harun-Or-Rahsid, Branch Manager, along with other local dignitaries were physically present at the event.

Many local and international dignitaries attended the ceremony via Zoom, among them were : Dr. Rashid Abo Lohom, Finance Minister of Yemen, Deputy Governor of Yemen Central Bank, Mr. Abdulmohsen Tawoos, Secretary General, Management and Coordination of Humanitarian Affairs and International Cooperation of Yemen, Mr. Abdul Hai Khan, Managing Director of Grameen Trust & Vice Chairman of GYF, Ms. Lamiya Morshed, Executive Director of Yunus Centre, Mr. Osamah Abo Talib, Head of Social Fund for Development, Yemen, Mr. Ali Abo Talib, Managing Director of Yemen Microfinance Network, all MDs of Grameen Companies as well as teams of Grameen Trust and Yunus Centre.

Caption for Photo: One of the first microcredit loan disbursements among 12 women entrepreneurs by Grameen Yemen Foundation, a microfinance organization in partnership with Grameen Trust, on July 5, 2020 among severe political turmoil.

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