BRAVE project to support SMEs in YEMEN

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The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of IDB Group, Tadhamon International Islamic Bank (TIIB) 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. Mahmoud Al-Refai, General Manager TIIB, signed on behalf of their institutions in ICD Head Office.

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).

Khaled Al-Aboodi
Khaled Al-Aboodi

Mr. Khaled Al-Aboodi stated that “During the IDB Group annual meeting, ICD and SMEPS signed with two implementation partners from the Yemeni Bank. Today we are pleased to expand such partnership to include TIIB as the largest private Bank in Yemen. We are confident that TIIB involvement is a remarkable addition to the collective efforts aimed at overcoming the challenges faced by private firms in Yemen.”

Mr. Mahmoud Al-Refai said, “We are honored to announce our participation in BRAVE project in cooperation with the Islamic Bank for Development and the ICD and Social Fund for Development. TIIB is prepared to offer all necessary facilities and services to make this project a success. This cooperation, comes to enhance the resilience of small and micro financed projects that have struggled over the current crisis. BRAVE project contributes into key sectors which are: health, agriculture, fisheries, food, and textiles. We pray to Almighty Allah for the success of this project.”