Khalifa Fund For Enterprise Development offers $30mln to support SMEs in Kenya

Khalifa Fund For Enterprise Development offers $30mln to support SMEs in Kenya

NAIROBI - In implementation of directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the Khalifa Fund For Enterprise Development (KFED) and National Treasury & Planning Ministry in the Republic of Kenya have signed a AED 110 million (US$ 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 skill 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 percent allocated for women will be financed and