PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

604197

Primary Business Area

Financial Institutions Group

Disclosure Date

Oct 17, 2020

Country

Yemen, Republic of

Region

Middle East

IFC Approval Date

Jan 20, 2020

Status

Active

Estimated Total Budget

$1,900,000.00
(Project budget includes all project-funded activities)

Last Updated Date

Feb 19, 2021

Project Estimated Start Date

Jan 1, 2020

Project Estimated End Date

Dec 31, 2022

Project Description

The overall goal of this project is to work closely with Al Kuraimi Islamic Bank (KIB) - one of the most innovative and promising banks in Yemen - to develop its capacity as a commercial bank and improve its product offering. Specifically, the project will involve Advisory support to help the bank: 1. scale up its financing portfolio and diversify products (largely put on hold during the conflict); 2. Introduce advanced Risk and ALM practices by refining and update existing treasury management policies and practices; 3. Build a new corporate banking structure, strategy and product suite (e.g. financing, transactional business, fee-based products, etc.) and respective policies; 4. Review earlier developed digital transformation roadmap and provide support in key areas such as data analytics, credit scoring and technology; and, 5. Build and grow the nascent m-Floos e-wallet platform as a channel and service capable of reaching more of the last mile customers in Yemen; 6. Install good corporate governance practices in line with Basel CG to maintain the sound and proper functioning of the bank. The project builds on previous Advisory work done with KIB.

Development Results

E&S Risks / Impacts and Mitigation