Original disclosure @ IFC website
Updated in EWS Jul 16, 2020
Disclosed by Bank Jul 15, 2020
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According to bank provided information, the proposed Project (“the Project”) is an investment of up to US$2 million in Alkuraimi Islamic Bank (“KIB” or “the Bank”) in the form of a trade finance guarantee facility. This project was approved as part of IFC's Global Trade Finance Program or GTFP - Project 23898.
The Project consists of an investment of up to US$2 million under the Global Trade Finance Program (GTFP). GTFP offers confirming banks partial or full guarantees covering payment risk on banks in emerging markets for trade related transactions.
KIB is a privately-owned Islamic bank in Republic of Yemen. It has evolved from a family owned foreign exchange business, the Al-Kuraimi Exchange Company, to become a bank specializing in microfinance in 2009 and a fully-fledged Islamic bank in 2018.
KIB is 100% owned by Al Kuraimi family.
AL KURAIMI ISLAMIC BANK
Head of Central operations
Alkuraimi Tower, 50th street, Haddah,Sana’a, Yemen
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