The Khalifa Fund for Enterprise Development intends to provide over US$100 million to help promote a culture of innovation and finance prominent projects in Ethiopia.
ADDIS ABABA (WAM) – The Khalifa Fund for Enterprise Development, KFED, has signed a strategic partnership agreement with the Ethiopian Ministry of Finance aimed at providing over US$100 million (AED368 million) to help promote a culture of innovation and finance prominent projects in the Federal Democratic Republic of Ethiopia.
The agreement, which was signed by Hussain Jasim Al Nowais, Chairman of KFED, and Admasu Nebebe, Ethiopian Minister of Finance, follows the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, in the presence of Dr. Abiy Ahmed Ali, Ethiopian Prime Minister.
Commenting on the partnership, Al Nowais stated that the signing of this agreement falls in line with the UAE’s leadership vision to strengthen cooperation and maintain friendly and strategic partnerships with various countries around the world. It also aims to maintain strong ties with brotherly and friendly countries while also helping them in promoting their economies, which in turn can drive in key growth for the benefit and wellbeing of their people.
He shared that the UAE has maintained strong ties with Ethiopia, which is evident in the overwhelming response received by Sheikh Mohamed bin Zayed’s visit to Addis Ababa last year and the successful visit of Ethiopian Prime Minister to Abu Dhabi during the same period.
Al Nowais revealed that the new agreement will help pave the way in enhancing innovation and supporting the culture of entrepreneurship in Ethiopia.
The funding – to be received as part of the agreement – will enable the implementation of a series of promising projects that are aimed at consolidating the Ethiopian government’s efforts to create a stable and balanced economy while also driving in other benefits like the creation of employment opportunities for the youth, women empowerment and enhanced capacity building for entrepreneurs and local institutions.
In response, Mr. Admasu Nebebe lauded the fund for their continuing support and commitment to Ethiopia, especially across various priority sectors that play a key role in the country’s move towards economic development.
He expressed confidence in the newly signed agreement as an important step towards further cooperation with the UAE through the Khalifa Fund, which is one of the leading regional and Arab institutions that promote a culture of entrepreneurship for the SME sector.
The Minister shared that the allotted $100 million will be supervised and maintained by the Ministry of Innovation and Technology, in cooperation with KFED. The proposed fund is expected to play a significant role in reinforcing the Ethiopian government’s move to create economic entities that will be capable of supporting and enhancing the stability of the economy, including the creation of jobs and reducing unemployment and poverty in different cities and regions in Ethiopia.
Also present during the signing were Ali Saad Al Omaira, Acting Charge d’Affaires at the UAE Embassy in Ethiopia, and a number of officials from both countries.
About Khalifa Fund for Enterprise Development
Khalifa Fund for Enterprise Development was established in June 2007 by the virtue of the (Law 14 of 2005), as an independent, Not for Profit Small and Medium Enterprises (SMEs) Socio Economic Development agency of the Government of Abu Dhabi. The purpose of establishing the fund is to help develop local enterprises in Abu Dhabi by instilling and enriching the culture of investment amongst UAE nationals, as well as supporting and developing small to medium-sized investments in the Emirate. Khalifa Fund started with a total capital of AED 300 million, which was gradually increased to AED 2 billion and covering all the UAE.
Source: WAM