Khalifa Fund inks $15m deal to support SME sector in Zambia

Khalifa Fund inks $15m deal to support SME sector in Zambia

Local News, Uncategorized















Abu Dhabi / 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 $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 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