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

Khalifa Fund For Enterprise Development (KFED) and Kenya’s National Treasury & Planning Ministry have signed a Dhs110m ($30m) financing agreement to support the Kenyan Youth Enterprise Development Fund.

Alia Al Mazrouei, CEO of KFED, said the financing agreement, which embodies the close friendship ties between the UAE and Kenya, aims to support the Kenyan government’s efforts in economic development, promote innovation and innovative projects, create job opportunities for youth, in addition, to unlock their potential, develop their skills and empower them to contribute in building a sustainable, stable national economy.

”We aim to support the Kenyan government efforts to achieve economic development through enhancing the SMEs sector, and spreading the culture of entrepreneurship among youth and women’s empowerment,” she added.

Under the agreement, she continued, more than 3,000 projects with 40 per cent allocated for women will be financed and expected to generate nearly 13,000 job opportunities for the Kenyan youth.

Ukur Yatani expressed his thanks and appreciation to the UAE for this important support, which will enable many segments of society, including women and youth, to contribute positively to building their country’s economic future, praising the strong 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 launch of projects, create job opportunities in the future, and deliver comprehensive growth to reduce poverty.

In recent news, KFED tied up 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 to support Abu Dhabi entrepreneurs go through the full digitalisation of their businesses and help their overall ability to thrive in the digital economy.

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