IFC considers $200 million to private sector [Archives:2006/945/Local News]

May 11 2006

SANA'A, May 9 ) The International Funding Corporation (IFC) held a workshop with the granite, marble and ornamental stone producers and exporters society, at the Movenpik hotel in Sana'a. The Geological Survey Authority also participated, in the presence of representatives from the Ministry of Industry and transport, Ministry of Planning and international Cooperation and Aden free zone. The establishment coordinator Saeed Sabra said that IFC was involved with a $ 16 million share in the period since 2004. He added that the establishment is considering supporting investment projects for the private sector costing $ 200 million.

The head of granite and marble producers' society, Ahmed Al-shilaif, said, “The Marble and granite sector in Yemen is a neglected one, because there is no support to this wealth whose revenues are considered second to oil.”

Shilaif added, “Marbles and stones are found in abundance in Yemen, with varied colors that reach 60 types. They are found with a rate of 80% in each governorate.”

Al-Shilaif called for supporting this sector by constructing roads and furnishing outlets for export. He continued to say, “There is no bank in Yemen that finances such projects in Yemen” pointing out that there are sites with billions worth of wealth, waiting to be extracted.

Shilaif assured at the end of his address that the companies working in Yemen do not cover even 10 % of the local market needs.

Head of the Geological survey authority, Dr. Ismail al-Janad said, “The Marble and granite society should follow up the investors and should present their problems.”

Al-Janad confirmed the importance of cooperation between exporters of marble and granite and the government to pave the way for the right procedures, evaluate the situations and keep away from conflicts. He called for consolidating government and private sector efforts, to come out with a joint mechanism for developing this important sector.