The World Bank Group’s Board of Executive Directors endorsed a new two-year Country Engagement Note (CEN) for Yemen aimed at preserving institutions that provide services to the Yemeni people and promoting food security.

In a statement, the World Bank Group (WBG) said that its overarching goal was to support the people of Yemen and preserve the institutions that serve them.

It added that the WBG would stay engaged in the country across multiple possible scenarios, with a focus on basic service delivery and human capital, and food security, resilience, and livelihood opportunities.

“Our $2.8bn program reflects the World Bank’s investment in preserving Yemen’s development assets, and our hope for a better future for a generation of young Yemenis who have grown up in the shadow of war but will play a key role in the recovery” said Tania Meyer, Country Manager for Yemen.

“By increasing our support at this critical juncture, we are affirming our unwavering commitment to the people of Yemen and the institutions that serve them.”

According to the statement, the war in Ukraine was already having a significant impact on food prices worldwide.

“The CEN recognizes that with a worsening food crisis and widespread malnutrition in Yemen, short-term interventions alone cannot provide sustainable solutions. To help break the cycle of aid dependency, the World Bank will pilot a “continuum of support” approach that bundles short-term and resilience-building interventions in geographical areas where food insecurity is the highest,” the statement read.

It continued: “The World Bank recognizes the critical role of the private sector in Yemen’s resilience and growth prospects. The new strategy was prepared by the three parts of the Bank Group—the World Bank, the International Finance Corporation, and the Multilateral Investment Guarantee Agency. Together, they will redouble efforts to promote private sector-led solutions to fill infrastructure gaps, support job creation, and lay the groundwork for recovery.”