Khalifa Fund inks $30mn financing agreement to support SMEs in Kenya

By Shilpa Annie Joseph, Desk Reporter
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Khalifa Fund
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The Khalifa Fund For Enterprise Development (KFED) has signed a $30 million (AED 110 million) financing agreement with the National Treasury & Planning Ministry in the Republic of Kenya to empower the Kenyan Youth Enterprise Development Fund.

The agreement aims to promote entrepreneurship and support Small and Medium Enterprises (SMEs) in Kenya.

Ms. Alia Al Mazrouei, CEO of KFED, said that “the financing agreement intends to support the Kenyan government efforts in economic development, promote innovation and innovative projects, create job opportunities for youth, in addition, to unlock their potentials, develop their skills and empower them to contribute in building a sustainable, stable national economy.”

Alia Abdulla Al Mazrouei
Alia Abdulla Al Mazrouei

”We aim to support the Kenyan government’s efforts to achieve economic development through enhancing the SMEs sector and spreading the culture of entrepreneurship among youth and women’s empowerment. Under the agreement, more than 3,000 projects with 40 percent allocated for women will be financed and expected to generate nearly 13,000 job opportunities for the Kenyan youth. The UAE is committed to support the official development efforts of the least developed countries, and to enable them to enhance their economic performance, in order to achieve economic and social stability, which positively affects the global economy and international stability.”

For his part, Mr. Ukur Kanacho Yatani, Cabinet Secretary of the National Treasury & Planning Ministry, 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.

Mr. Yatani 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.”

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