Khalifa Fund for Enterprise Development offers $30m to support Kenyan SMEs

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The Khalifa Fund for Enterprise Development (KFED) and Kenya’s Ministry of National Treasury and Planning have signed a financing agreement of AED110 million ($30 million) to empower the Enterprise Development Fund for young people in Kenya, the Emirates News Agency (WAM) reported.

Signed in the presence of President Uhuru Kenyatta of Kenya by Alia Al Mazrouei, CEO of KFED, and Ukur Kanacho Yatani, Cabinet Secretary, Ministry of National Treasury and Planning, the agreement aims to promote entrepreneurship and develop small and medium enterprises (SMEs) in Kenya. .

This decision is in accordance with the directives of the President of the United Arab Emirates, Sheikh Mohamed bin Zayed Al Nahyan.

Al Mazrouei 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 projects innovations, to create employment opportunities for young people in addition to unlocking their potential, developing their skills and empowering them to contribute to building a sustainable and sustainable national economy, WAM reported.

“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.

She underscored the UAE’s commitment to supporting the official development efforts of the least developed countries and enabling them to improve their economic performance, in order to achieve economic and social stability, which positively affects the economy. world and international stability.

For his part, Ukur Yatani expressed his gratitude to the UAE for the support, which will enable many segments of society, including women and young people, to contribute positively to building the economic future of their country, hailing 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.


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