Middle-east Arab News Opinion | Asharq Al-awsat

Yemen: $500 Million Credit Facilities to Import Food, Medicines | ASHARQ AL-AWSAT English Archive 2005 -2017
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A food vendor works in his roadside stall as he waits for customers in Yemen’s capital Sana’a. Reuters file photo

Riyadh- The Yemeni government in cooperation with regional and international partners has allocated half a billion dollars as a guarantee of credit and trade facilities so that the Yemeni private sector imports food and medicine and overcomes logistic difficulties caused by Saleh and Houthi militias.

Yemeni Industry and Trade Minister Mohamed al-Maitami told Asharq Al-Awsat that the Yemeni government’s discussions with international and regional parties have resulted in trade facilities worth $500 million.

“As you know, there is a shortage in food and medicine caused by this cursed war and it will aggravate without any imports. The financial working group of MENA has classified Yemen as dangerous due to the war and it has become difficult for Yemeni businessmen and banking institutions to continue their dealings with the world banking network, transferring funds or acquiring banking guarantees,” said Maitami.

He added that during discussions with regional and international partners, an agreement was reached to allocate half a billion dollars as a guarantee for trade facilities.

“Three types of economies are emerging: the economy of war and confrontation, the black market and the economy of survival. We want to distance the private sector from any of them,” Maitami added.

He continued that the private sector is urged to distance the community from from the ongoing political conflict. According to the minister, this requires an agreement on principles that any businessman who gets these facilities and violates the deal, would be defamed by the private sector and regional and international partners.