Thursday 9 April 2020

Khalifa Fund offers $100m financial aid to Ethiopian SMEs

ADDIS ABABA, February 28, 2020

The Khalifa Fund for Enterprise Development has signed a $100-million financial agreement with the Ethiopian Ministry of Finance in Addis Ababa to support and fund micro, small, and medium-sized projects in the African nation.

The agreement follows the directives of HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. It aims at supporting and financing micro, small, and medium-sized projects in Ethiopia.

"This agreement implements a stringent financial and technical framework that creates new employment opportunities, alongside empowering women to grow their role in the Ethiopian economic agenda," remarked Hussain Jasim Al Nowais, Chairman of the Khalifa Fund, after signing the deal with Ahmed Shide, Minister of Finance in Ethiopia in the presence of senior officials.

"The funding shall also be invested in areas with higher indices of poverty to help in their economic development. This loan is expected to finance about 37,000 projects over the next four years and create over 200,000 job opportunities for young people," he stated.

"At least 30% of the projects which receive this funding will be led by women, whilst the rest of the funding will be equally distributed between male-led and female-led projects. This agreement aims to promote innovation, support entrepreneurship, and empower women, alongside developing Ethiopia’s entrepreneurial sector, added Al Nowais.

Lauding the UAE leadership's gesture Shide said, "I commend the efforts of both the UAE and of Khalifa Fund in ensuring the national economic development of Ethiopia, and supporting the growth of both our national entrepreneurial culture, as well as assisting other countries across the globe.

"This agreement not only helps to strengthening Ethiopia’s national economic development, but will also benefit Ethiopian citizens, providing more jobs, more skills, and more specialties, helping those in poverty in Ethiopia," he added.-TradeArabia News Service


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