Presented by FMO and the World lender.
Yemen is suffering from one of the world’s worst humanitarian crises. According to the UN, 80 percent of the population requires humanitarian assistance to survive. The ongoing conflict has had a devasting impact on the economy, and the COVID-19 pandemic significantly shrank remittances and humanitarian assistance. Yemenis experience some of the highest risks for food insecurity and acute malnutrition in the world. The private sector, which handles most of the country’s food supply, has been facing enormous challenges, including supply chain disruptions and shortage of critical infrastructure, making the operating environment for businesses exceptionally challenging. In addition, long-term money management is largely unavailable, and short-term debt financing is expensive. This session will present the $75 million financing package IFC mobilized for Hayel Saeed Anam (HSA) Group, one of the country’s largest food conglomerates. The package includes a five-year loan of up to $55 million from IFC and $20 million from FMO to provide HSA with working capital necessary to maintain operations and continue to serve the Yemeni domestic industry. Given the challenging country macro-economic context, such financing would have not materialized without the critical concessional support from the IDA Private Sector Window (PSW).
The panel includes:
– Yasmine Mokhtar, Chief Financial Officer, HSA Group
– David Kuijper, Manager Public capital and Blended money management, FMO
– Samuel Munzele Maimbo, Director, IDA Mobilization and IBRD Corporate money management, World lender
– Aisha Williams, Director, Blended money management and Corporate plan, IFC
– Rebecca Post, Communications Lead, IFC
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