Project Agreement Signed to Support Local Markets in Yemen

Riyadh, August 17, 2023, SPA – The Saudi Development and Reconstruction Program for Yemen (SDRPY) and the Small and Micro Enterprise Promotion Service (SMEPS) of the Social Fund for Development in Yemen, in the presence of the SDRPY General Supervisor Mohammed bin Saeed Al Jabir, have signed an agreement for a project to support local markets in Yemen.
The project results from a trilateral cooperation agreement between the Islamic Development Bank (IsDB), SDRPY and the Yemeni Ministry of Planning and International Cooperation signed on January 4, 2023, on development cooperation for economic empowerment programs.
The project is part of efforts to address the challenges facing agricultural production value chains and improve market access by tackling current gaps in the trade and production sectors within the value chains of three Yemeni products of high economic importance for the local and global markets: coffee, honey and onions.
The project is implemented by the SMEPS, in its capacity as the leading national institution in the field of private sector development and value chain support, with a total financial allocation of USD 2 million, which will be financed by IsDB and SDRPY, where each side will contribute USD 1 million.
--SPA