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Khalifa Fund offers $30m to support SMEs in Kenya

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

The Khalifa Fund For Enterprise Development (KFED) and National Treasury & Planning Ministry in the Republic of Kenya have signed a Dh 110 million ($30 million) financing agreement to empower the Kenyan Youth Enterprise Development Fund.

Signed in the attendance of President Uhuru Kenyatta of Kenya by Alia Al Mazrouei, CEO of KFED, and Ukur Kanacho Yatani, Cabinet Secretary, National Treasury & Planning Ministry, the agreement aims to promote entrepreneurship and develop Small and Medium Enterprises (SMEs) in Kenya.

Alia Al Mazrouei said the financing agreement, which embodies the close friendship ties between the UAE and Kenya, aims 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, sable national economy.

''We aim to support the Kenyan government efforts to achieve economic development through enhancing the SMEs sector, and spreading the culture of entrepreneurship among youth and women's empowerment,'' she added.

Under the agreement, she continued, more than 3,000 projects with 40 per cent allocated for women will be financed and expected to generate nearly 13,000 job opportunities for the Kenyan youth.

She underscored the UAE's commitment 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, Ukur Yatani 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.

He 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. — Wam