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 investments."
For his part, Kakubo expressed his gratitude for Khalifa Fund's incredible support, which will enable the development and growth of the Zambian economy and society as a whole. He also highlighted the strong and friendly ties between the two countries.
''This support will enable us to recognise and offer the right support to mission-driven, innovative companies and offer support to more young people and women so they can come forward and play their role in transforming Zambia for the better," he added.