$1.5 M of work for Aden [Archives:2002/19/Business & Economy]

BY RIYDHWAN AL-SAQQAF
YEMEN TIMES STAFF
Aden Plans are in the works to spend $1.5 million to develop the city of Adens infrastructure.
The proposal was made during an investment workshop held in conjunction with meetings of the Islamic Chambers of Commerce and Industry.
The Islamic Bank for Development presented a proposal on investment opportunities in Yemen, noting that the bank has financed 88 projects in Yemen from the time of its establishment to March, 2001.
The total cost of these operations is US $564 million. They are geared to to help Yemens government to establish services and agricultural and educational projects.
The Islamic development bank is currently financing 37 projects in Yemen, totaling US $409 million.
The seminar also discussed the investment facilitation provided by Yemens Investment Law for foreign investors.
Activities of the Aden Containers Terminal was also discussed during the seminar, and working papers suggest activities of the Aden Container Terminal will rise to 450,000 transfers by the end of this year.
Some of the recommendations of the seminar included activating the role of the chambers of commerce and industry in the Islamic world. The seminar also stressed the importance of activating the role of the Islamic institutions for insurance.
Government officials as well as businessmen made speeches, including Prime Minister, Abdulqadir Bajamal, Minister of Trade and Industry Abulrahaman Mohammed Ali Othman, as well as Mohammed Omar Bamashmus, chairman of the Aden Chamber of Commerce & Industry.
Meanwhile, the meetings of the 37th executive committee of the Islamic Chambers of Commerce called on all Arabic and Islamic countries plus Western countries dealing with Israel to boycott Israeli products.
The seminar also called on member countries to strengthen relations with governments with the view of building a new partnership.
Further, the recommendations of the seminar stressed the importance of unifying all the manufacturing capabilities in order to protect Islamic interests and enhance its role within the world trade.
Participants at the seminar commended the great role played by the Islamic Bank for Development in fostering cooperation among Islamic countries.
The bank has been using different methods for increasing the volume of trade transactions amongst member states. The overall funds provided by the bank for supporting imports amounted US $14 billion. As for the financing of the exports, it contributed more that US $1 billion, and contributed to the establishment of a fund for the privatization of investments in member countries through channeling US $1.2 billion for 126 projects.
Accordingly, the member chambers of commerce recommended more support to the development bank to ensure its continued funding of projects.

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