AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,941 Increased By 63.6 (0.92%)
BR30 22,802 Increased By 233 (1.03%)
KSE100 67,176 Increased By 628.6 (0.94%)
KSE30 22,090 Increased By 175.1 (0.8%)
World

World Bank's IFC gives $75mn debt financing to Yemeni food group

  • IFC said it is its first investment in Yemen's agribusiness sector in more than 10 years
  • IFC's financing package will help reduce food shortages and ensure supply chain sustainability, including the supply of staple foods to towns and villages across Yemen
Published August 10, 2021

DUBAI: The International Finance Corporation (IFC) will provide up to $75 million in debt financing to a Yemeni food company as the war-torn country struggles with a growing hunger crisis and aid funding shortage, it said on Tuesday.

The IFC, the investment arm of the World Bank, is giving the assistance to multinational Yemeni family conglomerate the Hayel Saeed Anam Group (HAS), which includes six food companies operating in the dairy, flour, and sugar sectors in Yemen.

IFC said it is its first investment in Yemen's agribusiness sector in more than 10 years.

Yemen's deep economic crisis, shortage of foreign currency and impediments to food imports have seen prices skyrocket out of the reach of many.

IMF raises Russia's 2021 economic growth forecast

A serious gap in funding for the Yemen aid response appeared last year, but more funds started flowing from March to April after UN officials said Yemen could see the world's worst famine in decades.

"IFC's financing package will help reduce food shortages and ensure supply chain sustainability, including the supply of staple foods to towns and villages across Yemen," the corporation said.

The United Nations says the country is the world's largest humanitarian crisis. Pockets of famine-like conditions re-appeared last year, the world body has said.

The United States on Monday said it would give $165 million in new humanitarian assistance to Yemen, hoping the move would encourage other donors to come forward with funds to address Yemen's funding shortage.

Comments

Comments are closed.