(MENAFN) Yemen central bank plans on issuing Islamic bonds soon in order to help fund government projects, Central Bank, Bloomberg reported.
Middle East and Asian governments are shifting to local Sukuk investors to finance infrastructure projects, as European lenders reduce overseas loans amid the region's sovereign debt crisis.
Governor Mohamed Awad Bin Humam said Yemen's foreign reserves currently stand at USD4.6 billion, down from USD5.9 billion in December.
Global issuance of Islamic bonds (Sukuk) rose 64.5 percent to USD84.5 billion last year from 2010, according to S&P.
Unrest last year cost Yemen, the poorest Arab country, more than USD8 billion, former Industry and Trade Minister Hisham Sharaf said in November.
Yemen, the poorest nation in Arab world, has more than half its population of 23 million under 20 years old, and about 40 percent of the people live on the equivalent of less than USD2 a day, according to the United Nations.
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