$30 million offered by Khalifa Fund to assist Kenyan Small and Medium Enterprises

An AED 110 million ($30 million) finance agreement was signed by the Khalifa Fund For Enterprise Development (KFED) and the National Treasury & Planning Ministry of the Republic of Kenya to support the Kenyan Youth Enterprise Development Fund. The agreement was signed in front of Kenyan President Uhuru Kenyatta by Alia Al Mazrouei, CEO of KFED, and Ukur Kanacho Yatani, Cabinet Secretary, National Treasury & Planning Ministry, intends to encourage business development and SMEs in Kenya.

According to Alia Al Mazrouei, the financing agreement, which embodies the close friendship ties between the UAE and Kenya, aims to support the Kenyan government’s initiatives for economic development, promote innovation and innovative projects, create job opportunities for youth, as well as unlock their potentials, develop their skills, and give them the confidence to contribute to the creation of a sustainable, stable 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.

In accordance with the agreement, she said, more than 3,000 projects would be funded, with 40% of the funding going to women. These initiatives are anticipated to create close to 13,000 job possibilities for Kenyan youth.