The Khalifa Fund for Enterprise Development (KFED) has signed a financing agreement with the Kenyan government worth $30 million for small to medium enterprises (SMEs) in the east African country.
The fund signed the agreement with Kenya’s National Treasury and Planning Ministry, and will be used “to empower Kenyan Youth Enterprise Development Fund,” according to a statement on Wam.
“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,” KFED chief Alia Al Mazrouei said.
The deal will help finance more than 3,000 projects, and will generate nearly 13,000 jobs for the Kenyan youth, she explained.
Al Mazrouei said the move is part of the UAE’s developments efforts in developing countries. Last year, a new initiative has been rolled out, the UAE Consortium for Africa, which unveiled a $500 million investment focused on youth and digitalisation.
Africa is an important economic partner for the UAE. Trade between the UAE and African nations hit $50 billion in 2019, and around $40 billion in the first nine months of 2020.
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