Almotamar.net, Saba - The Cabinet reviewed on Tuesday the memo of Minister of Expatriates Affairs on perceptions and proposals for the establishment of the expatriates' bank within the implementation of outcomes of the Expatriates' third Conference.

The Cabinet formed a preparatory committee in this regard to establish the bank under the chairmanship of the Expatriates Affairs Minister and the membership of the concerned ministries and the Central Bank of Yemen (CBY).

The committee will prepare the statute and foundation contract of the bank with file of all necessary documents to get the license, as stipulated in the decision of the CBY's Governor No.02 for 1997 on granting licenses to banking activity.

In addition, the committee will communicate and coordinate with Yemeni communities abroad through embassies and consulates to call upon Yemeni expatriates for underwriting in the shares of the bank, as well as other tasks related to the bank's establishment.

The bank of expatriates aims to provide the institutional mechanism for investing funds and savings of the expatriates, who can manage their funds by themselves so as to benefit from the bank and serve the national economy.