Almotamar.net, Saba - The Cabinet approved on Tuesday the draft republican decree on the establishment of the Economic Opportunity Fund, submitted by Minister of Planning and International Cooperation.

In its meeting on Tuesday presided over by Prime Minister Ali Mohammed Mujawar, the cabinet instructed to complete the necessary legal procedures to issue the decree.

The Fund, whose total cost is about to YR 7.5 billion, aims to create and finance economic opportunities to the poor men and women in the rural areas in the country in order to raise and improve their economic and social living.

It would contribute to encourage the poor to rely on themselves and support the state's efforts to achieve the sustainable development and reduce poverty and unemployment.

The Fund, through its various programs and activities specified in the resolution of its construction and with the institutional partnership between the public and private sectors, would improve the value chains associated with the agricultural and non-agricultural activities and build the capacities of partners in the value chains.

Moreover, the Fund designed in partnership with the International Fund for Agricultural Development (IFAD), would finance the financial institutions through the use of the a variety of tools to expand the activity of these institutions to the rural areas and provide services and various financial products to its partners and to the private enterprises owners whether they are producers or manufactures or exporters.

The outputs of the Fund, to start its work initially in eight provinces ; Amran, Dhamar, Hodeidah ,Lahj, Ibb, Taiz and Sana'a ,would improve the technology for the value chain of crops of high value such as coffee, honey and horticultural crops as well as developing the infrastructure that serves the economic opportunities for the selected crops.

A board of directors from both the public and private sectors under the chairmanship of the Prime Minister would assume the administration and supervision of the Fund's affairs, as well as an executive director to manage the financial, technical and managerial activities of the Fund daily.
Meanwhile the cabinet approved two draft presidential decrees on establishment of two universities; one in Saada and the other the University of Hadramout Wadi, along with the two studies on the two universities.

The cabinet instructed for completing the necessary legal procedures fore issuing he two decrees.

The two universities are aimed to offer services to the local society in the province of Saada and Hadramout Wadi and the contribution to developing it. The university cadres are to prepare and qualify human cadres specialized in different fields and the relationship to development in the two areas and the homeland in general.