The Khalifa Fund for Enterprise Development (KFED) and National Treasury & Planning Ministry in the Republic of Kenya have signed an AED 110 million (USD 30 million) financing agreement to empower the Kenyan Youth Enterprise Development Fund in implementation of directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan.
The agreement was signed in the presence of the 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 develop Small and Medium Enterprises (SMEs) and promote entrepreneurship in Kenya.
Alia Al Mazrouei stated that the financing agreement which exemplifies the close connections between the UAE and Kenya, aims to support the Kenyan government efforts in economic development, create job opportunities for youth in addition to unlock their potentials, promote innovation and innovative projects, develop their skill, and empower them to contribute to building a sustainable and steady nation-wide economy.
Al Mazrouei added that KFED aims to support the Kenyan government efforts to achieve economic through enhancing the SMEs sector and spreading the culture of entrepreneurship among youth and women’s empowerment.
Under the agreement, more than 3,000 projects with 40 percent allocated for women will be financed and expected to generate 13,000 job opportunities for the Kenyan youth, she said.
Al Mazrouei emphasized the UAE’s commitment to support the authorised development efforts of the least developed countries and to enable them to enhance their economic performance, to achieve social and economic stability, which positively affects the international stability and the global economy.
Ukur Kanacho Yatani expressed his gratitude and appreciation to the UAE for this imperative sustenance, which would empower many segments of society, including women and youth, to contribute positively to building their country’s economic future, praising the robust relations that unites both countries.
Yatani explained that such agreements would have a positive impact, assisting to advance development in rural areas, support the launch of projects, create job opportunities in the future, and deliver comprehensive growth to lower poverty.
About Khalifa Fund for Enterprise Development (KFED)
Khalifa Fund was established in 2007 in Abu Dhabi along with its Al Ain branch, and offices in the Western region. The Khalifa Fund for Enterprise Development (KFED) aims at fostering entrepreneurship, inculcating the culture of innovation, and supporting the SMEs. KFED is operating several extremely targeted financing and training initiatives. It aims to enhance the efficiency and capability of entrepreneurs and SMEs by offering networking opportunities, financing, and service options with various shareholders. In 2011, KFED expanded its scope to Northern Emirates, offering services to businesses in Ajman, Fujairah, and Ras Al Khaimah.
Programmes and Benefits:
Khalifa Fund Membership Programme (KFED)
The Khalifa Fund Membership Programme aims to offer business support to non-funded SMEs or to members that do not need funding for their projects. Numerous support services are presented for members of Khalifa Fund at various stages, setup, operational, and growth stages with corresponding benefits such as waiving of government fees, participation in local and international tradeshows and exhibitions, enabling connections with stakeholders and business counselling opportunities to access new markets, among others.
Abu Dhabi SME Hub
An interactive digital educational platform launched by the Khalifa Fund for Enterprise Development that aims to support SMEs and start-ups in the UAE through valuable and rich knowledge content and deliver adequate information on marketing, finance, innovation, project management and product development.
Supporting Export Capabilities
Khalifa Fund for Enterprise Development has partnered with Etihad Credit Insurance (ECI), the UAE Federal export credit company, to bolster the export capabilities of SMEs by providing access to export credit, financing, and investment insurance products.
KFED established e-Empower, an online education programme in partnership with Amazon, which offers beneficial e-learning content to facilitate SMEs thrive in the digital economy. The platform offers tools and insights on how SMEs can grow their business and expand customer base through Amazon.ae by partnering with platforms: Amazon.ae, e-Empower, Hello Business Hub, noon.com
Khalifa Fund delivers an interactive advisory platform that proposes a variety of digital and training tools for entrepreneurs during the business planning phase and offers support when applying for funding to contribute to accelerating the planning procedures and start establishing entrepreneurial projects.