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The Khalifa Fund for Enterprise Development (KFED) and the Kenya National Ministry of Finance and Planning have signed a financing agreement of AED 110 million ($30 million) to support the Kenya Youth Enterprise Development Fund.
Alia Al Mazrouei, CEO of KFED, said that the financing agreement reflects the close friendship between the UAE and Kenya and aims to support the Kenyan government’s efforts in economic development, promote innovation and innovative projects, create employment opportunities for youth, and, in addition, Unlock their potential, develop their skills, and enable them to contribute to building sustainable, stable national economies.
“Our aim is to support the Kenyan government’s efforts to achieve economic development by strengthening the SME sector and to spread a culture of entrepreneurship among youth and women’s empowerment,” she added.
She went on to say that under the agreement, more than 3,000 projects will be funded, 40 percent of which will be allocated to women, and are expected to create nearly 13,000 jobs for Kenyan youth.
Ukur Yatani expressed his gratitude and appreciation for this important support from the UAE, which will enable many segments of society, including women and youth, to make a positive contribution to building their country’s economic future, and commended the unity of these two friendly nations in strong relationship together.
He explained that the agreements will have a positive impact, helping to boost development in rural areas, support the launch of projects, create future jobs and achieve overall growth to reduce poverty.
In recent news, KFED has partnered with business management solutions company Abacus, making it KFED’s newest e-Empower partner. The e-Empower programme was initially launched in September 2020 to support Abu Dhabi entrepreneurs in the full digitisation of their businesses and to help them in their overall ability to thrive in the digital economy.
read: Abacus joins Khalifa Fund in Abu Dhabi as e-Empower partner
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