CAC Bank Launched a New Product “Integrating the Youth Graduates in the Production Process”

11/03/2013 12:00:00 ص

The Cooperative and Agricultural Credit Bank launched on 9^th of March in Sana'a a program to integrate the young graduates in the production process which is financed by the Agricultural and Fisheries Promotion and Production Fund– one of the owners of CAC Bank.

During the inauguration ceremony Eng. Fareed Mojaor -  Minister of Agriculture and Irrigation affirmed that sustainable developments of agriculture and fisheries sectors have become the main key through which the government can achieve a significant economic, self-concrete and developmental recovery.

He affirmed that being the largest sections in productivity among community, and by financing projects in this field such as the implementation of small enterprises and income-generating programs will contribute to improving the situation of the main sectors in the country, especially in the countryside and coasts.

The Minister of Agriculture signified that based on its perception of the importance of this type of development, the Heights Authority of State has directed both Ministries; the Ministry of Agriculture and Irrigation and the Ministry of Fisheries to adopt the implementation of a national project. The allocated amount of the project will be YER500 million as a finance by the Agricultural and Fisheries Promotion Fund to be lent through CAC bank, and loans must be granted to small producers in the agricultural and fisheries sectors and development of projects of rural women's and youth.

Furthermore, the Chairman of Cooperative and Agricultural Credit Bank Mr. Monasser Al-Quaiti pointed out that the accumulative economic challenges facing developing countries including Yemen are the impact of severe increase in lower employment opportunities in both public and private sectors and various business sectors.

Mr. Al-Quaiti confirmed that CAC Bank is always endeavoring to improve and provide all possible means to reach the greater objective of achieving growing levels of food security in the country.

He Also referred to the achievements of CAC Bank during the past periods and performance measures of banking services by achieving the highest rates of growth in customers’ deposits. CAC Bank is contributing to serve all classes of society, its distinctions in performance, and to maintain its position in the banking sector as the first ranked bank among all commercial banks. 

During the event of integrating the young graduates in the production process and ceremony to farewell the 21^st batch of the Faculty of Agriculture in Sana'a University, a speech on behalf of graduates was delivered by the graduate Mr. Zaid Al-Saiani praised the support of the CAC Bank and the Agricultural and Fisheries Promotion and Production Fund, and their encouragement to adopt productive projects that promote standards of agricultural work.

Also, number of speeches were delivered by Dr. Fathia Bahran - the representative of the International Fund for Agricultural Development in Yemen, Deputy of Secretary of the Capital General Abdulfatah Ismail and Dr. Hasan Zaid - Vice Dean of the Faculty of Agriculture in Sana'a University,  in which all referred to the positive role in adopting the support and funding of such developmental programs, which represents a developmental approach that addresses the development needs of Yemen in these exceptional circumstances the country is experiencing.

After that graduates were honored by the sponsors and senior attendants as well as honoring CAC Bank, the International Fund for Agricultural Development in Yemen (IFAD), the Agricultural and Fisheries Promotion and Production Fund and representatives from the European Union.

The program of integrating young graduates in the production process is one of the national programs that stimulate and familiarize young graduates from colleges and agricultural and fisheries institutes who have no job opportunities, by encouraging them to establish small and medium investment projects in the agricultural and fisheries sectors as well as training them in the preparation and implementation of specialized and professional programs that qualify them to manage their own businesses.

The YER 500 million project aims to create permanent and sustainable employment opportunities by providing funds for young graduates to create small and medium enterprises of a productive nature.

The inauguration ceremony was attended by Mr. Abdulla Al-Shater - Deputy Minister of the Ministry of Planning and International Cooperation, Eng. Abdulmalik Al-Thawr - Deputy Minister of the Ministry of Agriculture and Irrigation, and Mr. Mohammad Bashir -the Chairman of the Agricultural Cooperative Union and a number of officials.