DRAFT DECREE TO ESTABLISH ECONOMIC OPPORTUNITY FUND APPROVED

SANA'A, April 27 (Saba) – The Cabinet approved on Tuesday the draft
republican decree on the establishment of the Economic Opportunity
Fund, submitted by Minister of Planning and International
Cooperation.

The cabinet instructed to complete the necessary legal procedures to
issue the decree.

The Fund, whose total cost is about to YR 7.5 billion, aims to
create and finance economic opportunities to the poor men and women
in the rural areas in the country in order to raise and improve
their economic and social living.

It would contribute to encourage the poor to rely on themselves and
support the state's efforts to achieve the sustainable development
and reduce poverty and unemployment.

The Fund, through its various programs and activities specified in
the resolution of its construction and with the institutional
partnership between the public and private sectors, would improve
the value chains associated with the agricultural and
non-agricultural activities and build the capacities of partners in
the value chains.

Moreover, the Fund designed in partnership with the International
Fund for Agricultural Development (IFAD) ,would finance the
financial institutions through the use of the a variety of tools to
expand the activity of these institutions to the rural areas and
provide services and various financial products to its partners and
to the private enterprises owners whether they are producers or
manufactures or exporters.

The outputs of the Fund, to start its work initially in eight
provinces , Amran, Dhamar, Hodeidah ,Lahj, Ibb, Taiz and Sana'a
,would improve the technology for the value chain of crops of high
value such as coffee, honey and horticultural crops as well as
developing the infrastructure that serves the economic opportunities
for the selected crops.

A board of directors from both the public and private sectors under
the chairmanship of the Prime Minister would assume the
administration and supervision of the Fund's affairs, as well as an
executive director to manage the financial, technical and managerial
activities of the Fund daily.

BA