ABU DHABI – The Khalifa Fund for Enterprise Development has signed a Memorandum of Understanding with Zambia’s Ministry of Small and Medium Enterprise Development.
As per the MoU, the Khalifa Fund will provide US$15 million (equivalent to AED55 million) to the African nation to support its SME sector.
The MoU was signed in the presence of Sheikh Shakhboot bin Nahyan bin Mubarak Al Nahyan, Minister of State: Alia Abdulla Al Mazrouei, CEO of Khalifa Fund; and Stanley K. Kakubo, Minister for Foreign Affairs and International Cooperation of Zambia; promote a culture of entrepreneurship, create new businesses and jobs, and empower local youth and women for an economically robust Zambia.
The MoU will fund various sustainable projects and help create jobs for youth and women in Zambia.
Al Mazrouei said: “This MoU signifies the outstanding ties between the UAE and Zambia through the efforts of the Khalifa Fund to foster a culture of entrepreneurship and encourages disruptive and innovative startups and SMEs to grow. faster in Zambia. Through this, we aim to empower youth and women by providing the right opportunities and jobs, and facilitating the growth of small and medium enterprises with the right capital investments.
For his part, Kakubo expressed his gratitude for the incredible support from the Khalifa Fund, which will enable the development and growth of the Zambian economy and society as a whole. He also highlighted the strong and friendly ties between the two countries.
“This support will allow us to recognize and offer the right support to innovative, mission-driven businesses and offer support to more young people and women so they can step forward and play their part in transforming the world. Zambia for the better,” he added.