VOLIP

Project Description:

Vocational & Literacy Program (VOLIP) is a five-year program co-financed by the Islamic Bank, OPEC and the Government of Yemen, implemented by the Social Fund for Development. The program is generally aimed at alleviating the effects of poverty and improving the lives of the poor. In targeted areas, by enrolling back the “out-of-school” children in the age group (9:15), enabling women and youth to become literate and providing them with market-oriented professional skills, entrepreneurial skills, facilitating access to microfinance services and business coaching services to facilitate their integration into the economic and social development process, that is, achieve the financial inclusion.

Based on the lending agreement between the Yemen Loan Guarantee Program and the Social Fund for Development as part of the implementation of the lending component for VOLIP, YLG guarantees 100% of the value of the principal to the beneficiaries of the VOLIP program in addition to the payment of a Murabaha financing amount of 18% of the value of issued funds. This is in return for funding institutions to finance youth and working women who enrolled in the program to combat poverty according to the list of names and beneficiaries approved by the Yemen Loan Guarantee Program to ensure financing the targeted governorates.