ReliefWeb

Today in Sana'a, Mr. Hussein Al Suhaily, Chairman of Tamdeen Youth Foundation, Coordinator of the Humanitarian Action Localization and Economic Recovery Initiatives, met with the Director General - CEO of Yemen Commercial Bank, Mr. Rabie Al Humaidi, to discuss the role of commercial banks in reviving economic.

Al Suhaily reviewed TYF's Economic Recovery Initiative, noting that one of its priorities is to neutralize the economy from conflict, both micro and macro.

"We are working hard to bring local banks closer together to overcome the division between them"

He also noted the need to work with investment portfolios as they provide investors with diversity in investment, liquidity and flexibility in the investment style.

For his part, Al Humaidi praised the Economic Recovery Initiative and agreed with its objectives to neutralize the economy and the banking sector to improve the standard of living of citizens.

He stressed that, at this phase, Yemeni banks must rebuild trust between them and customers, and between them and foreign banks, in order to encourage the flow of domestic and foreign investments, and raise the liquidity rate.

He also pointed out the importance of supporting and encouraging domestic production, noting that the loan portfolio must be matched by an investment portfolio, to direct funds for sector development, which needs financial and banking coordination.

This meeting was attended by Mr. Ammar Al Ashwal, TYF's Advocacy Officer, Mr. Shadi Al Munaifi, YCB's Director of Microfinance and Medium-sized Finance, and Mr. Ali Al Ttam, YCB's Director of Remittances.