Home Youth empowerment UAE’s Khalifa Fund signs $30m financial deal to support SMEs in Kenya

UAE’s Khalifa Fund signs $30m financial deal to support SMEs in Kenya

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The Khalifa Fund for Enterprise Development (KFED) and the Kenyan Ministry of Treasury and Planning have signed a Dhs 110 million ($30 million) funding agreement to support the Kenyan Youth Enterprise Development Fund.

Alia Al Mazrouei, CEO of KFED, said the funding agreement, which embodies the close ties of friendship between the UAE and Kenya, aims to support the Kenyan government’s efforts in economic development, promote innovation and innovative projects, to create employment opportunities for young people, in addition, to unleash their potential, develop their skills and give them the means to contribute to the construction of a sustainable and stable national economy.

“We aim to support the efforts of the Kenyan government to achieve economic development by strengthening the SME sector and spreading the culture of entrepreneurship among the youth and the empowerment of women,” she added.

Under the agreement, she continued, more than 3,000 projects, 40 percent of which will be allocated to women, will be funded and are expected to generate nearly 13,000 job opportunities for Kenyan youths.

Ukur Yatani expressed his thanks and gratitude to the UAE for this important support, which will enable many segments of society, including women and young people, to contribute positively to building the economic future of their country, praising the solid relations that unite the two friendly countries.

He explained that such agreements will have a positive impact, helping to advance development in rural areas, support the initiation of projects, create employment opportunities in the future and ensure overall growth to reduce poverty. poverty.

In recent news, KFED has partnered with Abacus, a business management solutions company, making it KFED’s latest e-Empower partner. The e-Empower initiative was initially launched in September 2020 with the aim of helping entrepreneurs in Abu Dhabi go through the full digitalization of their businesses and help their overall ability to thrive in the digital economy.

Read: Abacus joins Khalifa Fund Abu Dhabi as an e-Empower partner