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 practices.
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.
About IFC
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
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