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Yemen Online
31-07-2025
- Business
- Yemen Online
UNDP : Youth are the future in Yemen
In Yemen, young people make up almost thirty percent of the population. Ensuring education and vocational training opportunities are widely available is key to empowering this burgeoning community with the skills to succeed. From specialty food processing to engineering, Yemen's young people are overcoming adversity by upskilling and breaking into diverse fields of work. Yasser runs "Mr. Robot Center" in Ma'alla, Aden, where he provides training on engineering and robotics. He's passionate about providing practical, real-world skills, but his center faced a significant hurdle: a lack of essential materials for hands-on training. This limited the type of practical courses he could offer. With support from the World Bank's International Development Association, Yasser is one of many young entrepreneurs empowered by UNDP and the Small and Medium Enterprise Promotion Service (SMEPS) across Yemen to improve their income-generating businesses. Yasser was provided with financial support to purchase a carving machine, laptops, motors, Programmable Logic Controller devices, and solar panels. This support has transformed the center, allowing him to implement practical applications that truly mimicked factory environments and, thanks to the solar panels, he tackled persistent electricity issues. Yasser's center saw a significant increase in courses and a 30% rise in revenue, thanks to the training, consultations, and financial support he received through the Emergency Social Protection Enhancement and COVID-19 Response Project (ESPECRP). Ashjan's small enterprise in Marib Governorate isn't just a business; it's a testament to her entrepreneurial skills. Supported by the European Union and Government of Sweden through the Enhanced Rural Resilience in Yemen (ERRY) III Joint Programme, Ashjan, along with 79 other young women, received comprehensive training in value-added sesame processing. This hands-on skill, from cultivation to extraction and packaging, turned a traditional crop into a source of income for Ashjan and her family. 'Some people were surprised to see a woman running a sesame oil press,' Ashjan shares. 'But I proved to them that women can succeed in any field they choose.' Ashjan's journey illustrates how practical skills can ignite economic recovery. In Yemen's coastal communities, youth are not only contributing to the economy but also championing environmental sustainability. Through the Aden Fishery Harbour (AFH) Project, with funding from the German Federal Ministry for Economic Cooperation and Development (BMZ) through Kreditanstalt für Wiederaufbau (KfW), young people like Baraka have transformed their passion for cooking into sustainable seafood enterprises. After receiving business management training and essential equipment, Baraka turned her home kitchen into a thriving business that provides fresh, local seafood to her neighborhood. Her business model promotes local sourcing and reduces food waste, showing how youth-led enterprises can support green value chains while empowering women entrepreneurs. 'The training equipped me with the business skills I needed to launch and sustain my seafood enterprise,' said Baraka. 'Today, I'm proud to offer healthy, locally sourced meals while contributing to my community's food security and economy.' Warda, a young woman from Aden, is turning waste into home decor, also with support from the same project. After attending specialized training on fish by-product utilization and receiving a small grant, she launched a creative business producing eco-friendly accessories and gift items from recycled seashells. Her initiative not only creates income but also contributes to marine conservation and waste reduction. 'The training opened my eyes to how fish waste could be repurposed into something valuable,' said Warda. 'With the grant and mentorship, I've started a business that supports my livelihood.' Further contributing to the sustainable development of Yemen's coastal communities, through the Sustainable Fishery Development in Red Sea and Gulf of Aden (SFISH) Project, funded by the World Bank's International Development Association, young women like Fatima are leading by example in responsible marine resource management. Fatima received support in the form of technical training, tools, and market access to establish her fish processing business. She now contributes to both her family's income and community food systems while promoting quality standards and reducing waste, key elements in climate-smart fisheries. 'Before the project, I lacked the knowledge and tools to run a proper business,' said Fatima. 'The support I received helped me build confidence, improve product quality, and operate in a more sustainable and professional way.'


Bloomberg
22-07-2025
- Business
- Bloomberg
UK Cuts World Bank Funding by 10% After Slashing Aid Budget
The UK is cutting its £1.98 billion ($2.7 billion) pledge to an arm of the World Bank by 10% and reducing aid to some countries to help cover the cost of increased military spending. Prime Minister Keir Starmer's government on Tuesday said it would soften the impact of rolling back its commitment by accelerating the pace of the payments to the International Development Association, which extends low-interest loans to poor countries. That would allow the bank to generate income with the money more quickly, offsetting the effect of the cut, the government said.

Business Insider
30-06-2025
- Business
- Business Insider
World Bank approves $360m for Ghana's economic recovery
The World Bank has approved $360 million in financial support to help Ghana stabilise its economy, create jobs, and enhance resilience in critical sectors such as energy, finance, and climate adaptation. The World Bank approved $360 million in support for Ghana's economic stabilization and sector improvements. Ghana's Finance Minister acknowledged it as a key step towards sustained economic growth and resilience. The package aligns with Ghana's economic reform strategies under its IMF-supported programme. Part of broader economic reform strategy According to a statement from the World Bank, the funding—sourced from the International Development Association (IDA)—was sanctioned by the Board of Executive Directors as part of the Second Resilient Recovery Development Policy Financing operation. This initiative is aligned with Ghana's wider reform efforts under its current IMF-supported economic programme. 'Its objectives are to restore fiscal sustainability, support financial sector stability and private sector development, improve energy sector financial discipline, and strengthen social and climate resilience,' the World Bank noted. Finance Minister welcomes boost to reform agenda Ghana's Minister for Finance, Dr Cassiel Ato Forson, welcomed the development, describing it as a crucial milestone in Ghana's recovery journey. 'The successful implementation of reform actions under the IMF programme and the Development Policy Operations series (DPO) has strengthened macroeconomic stability, restored investor confidence, and laid a solid foundation for sustained economic recovery and inclusive growth,' he stated. Dr Forson added that the funding will help promote 'fiscal discipline and build a more resilient and inclusive economy, capable of withstanding future shocks.' Support for private sector and energy reforms The World Bank highlighted that the programme will facilitate the promotion of private-sector-led growth by enhancing fiscal governance, improving domestic revenue mobilisation, and reinforcing financial stability. The package will also address long-standing issues within Ghana's energy sector, focusing on financial discipline and sustainable operational management. Climate resilience and social protection in focus Additionally, the policy financing operation aims to support reforms that build social resilience and embed climate considerations into national policy frameworks—part of efforts to align with sustainable development goals and respond to emerging environmental threats. Conclusion


Roya News
25-06-2025
- Business
- Roya News
World Bank approves $146 million grant to rebuild Syria's power sector
The World Bank on Wednesday approved a USD 146 million grant to Syria aimed at rehabilitating the war-torn country's electricity sector and supporting its economic recovery after years of conflict. According to a statement by the Bank, the funding comes from the International Development Association (IDA) and will be used to implement the Syria Emergency Electricity Project (SEEP), which seeks to repair damaged infrastructure and improve the stability of the national power grid. The project includes the rehabilitation of high-voltage transmission lines and substations, particularly those connecting Syria regionally with Jordan and Turkey. It will also provide technical assistance for power sector development and support institutional reforms and investment planning. The project will be implemented by Syria's General Electricity Transmission and Distribution Corporation in coordination with an international consultancy, while the World Bank will oversee the process through an external monitoring body 'to ensure compliance with environmental and financial standards,' the statement said. Commenting on the grant, Syrian Finance Minister Yasar Barnieh said electricity is a 'key investment for economic growth, service delivery, and improving livelihoods.' 'This project marks Syria's first cooperation with the World Bank in nearly four decades, and we hope it will pave the way for a broader support program to aid Syria's path toward recovery and sustainable development,' he added, according to the statement. Syria faces a severe electricity crisis as a result of the war, with daily supply limited to two to four hours. Most power stations have been damaged, and production has fallen to around 1,300 megawatts—far below the pre-war capacity of 9,000 megawatts. On May 29, Syria signed a USD 7 billion agreement and memorandum of understanding with a consortium of international companies to develop its energy sector. The deal includes plans to generate 5,000 megawatts of electricity through four gas-fired power plants.


Express Tribune
15-06-2025
- Business
- Express Tribune
K-P's debt surges over Rs43b in one year
Khyber-Pakhtunkhwa's total debt burden has increased by Rs43.59 billion over the past year, official data reveals. At the beginning of the current fiscal year, the province's total debt stood at Rs679.54 billion. However, by July 1, 2025, it is projected to rise to Rs723.13 billion. As of July 1, 2024, the province had no domestic debt, and it remains free from internal borrowing to this day. The entire debt consists of external loans. At the start of the current fiscal year, the external debt was Rs679.54 billion, which is now expected to reach Rs723.13 billion by the beginning of the next fiscal year. Despite the rising debt, the provincial government has repaid Rs30.70 billion in loans during the ongoing fiscal year. Originally, the government had planned to repay Rs67 billion — Rs40 billion in principal and Rs27 billion in interest. However, revised estimates indicate that only Rs55 billion was paid, comprising Rs35 billion in principal and Rs20 billion in interest. For the upcoming fiscal year, the government has planned debt repayments totaling Rs65 billion — Rs40 billion in principal and Rs25 billion in interest. The largest portion of the province's debt is owed to the Asian Development Bank (ADB), totaling Rs323.63 billion, followed by Rs307 billion owed to the International Development Association (IDA). The remaining debt is owed to other international financial institutions. It may be recalled that in 2021, the province's debt stood at Rs295.96 billion. It rose to Rs359.33 billion in 2022, jumped to Rs530.72 billion in 2023, and has now reached Rs723.13 billion — a more than doubling of the debt burden in just four years.