Khalifa Fund signs MoU with Zambia to support enterprise development with AED55 mn

Khalifa Fund signs MoU with Zambia to support enterprise development with AED55 mn

ABU DHABI, 25th January, 2023 (WAM) -- Khalifa Fund for Enterprise Development has signed a Memorandum of Understanding (MoU) with the Ministry of Small and Medium Enterprise Development, Zambia.

As per the MoU, Khalifa Fund will provide US$15 million (equivalent to AED55 million) to the African nation to support their SME sector.

The MoU was signed in the presence of Sheikh Shakhboot bin Nahyan bin Mubarak Al Nahyan, Minister of State: Alia Abdulla Al Mazrouei, CEO of Khalifa Fund; and Stanley K. Kakubo, Minister of Foreign Affairs and International Cooperation for Zambia; to promote a culture of entrepreneurism, create new enterprises and jobs, and empower local youth and women for an economically robust Zambia.

The MoU will fund various sustainable projects and contribute to creating jobs for the youth and women in Zambia.

Al Mazrouei said, “This MoU signifies the exceptional ties between the UAE and Zambia through Khalifa Fund’s efforts in boosting a culture of entrepreneurism and is encouraging disruptive and innovative startups and SMEs to scale faster in Zambia. Through this, we aim to empower young people and women by providing the right opportunities and jobs, and overall making it easier for small and medium-sized enterprises to grow with the right capital