Sana’a, September 10, 2007 — IFC,
a member of the World Bank Group, in cooperation with Yemen’s Ministry
of Oil and Minerals and the Geological Survey and Mineral Resources Board,
held a workshop yesterday in Sanaa to share the results of the first phase
of its joint mining policy reform project.
The results reveal that investment opportunities in the country’s mining
sector are hindered due to discrepancies in regulation governing the sector.
Frank Sader, IFC’s Senior Operations Manager, said, “Yemen’s mining
sector has outstanding potential. An international best practice code and
regulations to govern the sector will make it attractive for foreign investment.
They will also protect the environment and help create more jobs that the
country is in dire need of.”
Today’s workshop marks the beginning of the project's next phase, which
aims to reform Yemen’s mining laws, regulations, and fiscal regime. It
will also help develop a national policy and reengineer administrative
procedures. The advisory project will partner international experts with
the government to reform the mining codes according to international best
The project, managed by IFC Advisory Services for the Middle East and North
Africa – PEP-MENA – will help produce a comprehensive and competitive
regulatory mining framework.
IFC, a member of the World Bank Group, fosters sustainable economic growth
in developing countries by financing private sector investment, mobilizing
capital in the international financial markets, and providing advisory
services to businesses and governments. IFC’s vision is that poor people
have the opportunity to escape poverty and improve their lives. In FY06,
IFC committed $8.3 billion, including loan participations, to 284 investments
in 66 developing countries. For more information, please visit www.ifc.org.