Business In Brief [Archives:2006/997/Business & Economy]
– Yemen drops in Transparency's Corruption Index
In its 2006 report on the Corruption Perception Index, Transparency International has ranked Yemen 111th in 2006 dropping from the 103 in 2005 among the most corrupt countries in the world. Yemen's corruption perception has dropped from 2.7 in 2005 to 2.6 in 2006, contrary to the global trend where more developing countries are combating corruption and enhancing transparency. Finland rank as the least corrupt and at 163, the bottom of the list, is Haiti.
– World Bank VP visits Yemen
Daniela Gressani, Vice President of the World Bank for the Middle East and North Africa is visiting Yemen prior to next week's donors conference to be held in London. Gressani said the World Bank and the international community have an interest in making the donors conference a success and working with the Yemeni government in developing the economy of Yemen. She also affirmed the support of the World Bank for regional integration in the Arabian Peninsular.
– Yemen's local currency rated as 'B'
Capital Intelligence, the international emerging markets rating agency, has affirmed Yemen's local currency ratings of B in both the long and short terms, and B minus for long-term foreign currency. The agency has also indicated that Yemen has built a comfortable level of foreign exchange reserves relative to its external financing needs. It said Yemen became a small net external creditor for the first time in 2005 and official reserves are projected by CI to reach US $6.9 billion by end of 2006 compared to a public external debt stock of about US $5.5 billion
– IFC promotes investment environment in Yemen
The IFC is working closely with the Ministry of Trade and Industry to improve the environment of conducting business. The IFC also developmental schemes with regards to portal cities and also improve the legal and executive framework for mineral extraction industries in Yemen.
– Assets of Central Bank Increase
The assets and reserves of the Yemeni Central Bank overseas reached the equivalent of US $800 billion by the end of September 2006. A report by the central bank has indicated that reserves of local commercial banks have increased by 2.3 percent during 2006.
– Aden Port installs safety and control system
The Port of Aden, Yemen's premier shipping port, has installed an advanced Vessel Traffic Management and Information System in order to ensure the Safety and Control of vessels in the port with a total cost of US $2.5 million. The system also includes high-tech surveillance systems and radars in order to safeguard the port and vessels from mishaps or terrorism attacks.