Abu Dhabi, United Arab Emirates: The Khalifa Fund for Enterprise Development has signed a Memorandum of Understanding with the Ministry of Small and Medium Enterprise Development of Zambia. As per the MoU, the Khalifa Fund will provide $15 million (equivalent to AED55 million) to the African nation to support its SME sector. The MoU was signed in the presence of HE Sheikh Shakhboot bin Nahyan, Minister of State of the Ministry of Foreign Affairs and International Cooperation, HE Alia Abdulla Al Mazrouei, CEO of Khalifa Fund, and Hon. Stanley K. Kakubo, Minister of Foreign Affairs and International Cooperation of Zambia, to 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 a variety of sustainable projects and help create jobs for young people and women in Zambia.
HE Alia Abdulla Al Mazrouei said: “This MoU signifies the exceptional ties between the UAE and Zambia, thanks to the efforts of the Khalifa Fund to stimulate a culture of entrepreneurship and encourages disruptive startups and SMEs and 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.
HON. Stanley K Kakubo, Minister of Foreign Affairs and International Cooperation, 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.
He added, “We are strongly focused on growing the Zambian economy and with the Khalifa Fund and its support, we are able to take another step towards realizing this vision. This support will allow us to recognize and offer the appropriate support to innovative mission-driven businesses and offer support to more young people and women so that they can come forward and play their part in transforming Zambia. for the best.
About the Khalifa Fund for Business Development
The Khalifa Fund for Business Development was established in 2007, under Law 14 of 2005 and its amendments, in the implementation of the vision of His Highness Sheikh Khalifa Bin Zayed Al Nahyan. The Khalifa Fund operates as an independent non-profit economic development agency of the Government of Abu Dhabi for the development and support of small and medium-sized enterprises (SMEs).
The Fund helps develop local businesses in Abu Dhabi by instilling and enriching a culture of investment among UAE nationals. The Fund also aims to support and develop SMEs in the emirate.
The Khalifa Fund was founded in 2007 with a total capital of AED 300 million, which gradually increased in 2008 to reach AED 1 billion, to meet the growing demand for the Fund’s services. In 2011, the total capital of the Fund was increased to AED 2 billion, and the Fund covered all of the UAE through a network of branches.
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