KFED signs $100 million deal with the Ethiopian Ministry of Finance to boost innovation and entrepreneurship
The Ethiopian Ministry of Finance and the Abu Dhabi based Khalifa Fund for Enterprise Development (KFED) have signed a partnership agreement in order to provide more than $100 million in funding to boost the culture of entrepreneurship and innovation in Ethiopia.
The Chairman of KFED, Hussain Jasim Al Nowais, and the Ethiopian Minister of Finance, Admasu Nebebe signed the agreement on behalf of their respective entities. Both parties are very hopeful that their collaboration will take the Ethiopian economy to new heights.
Al Nowais believes that this agreement is a sign of continuous strong ties of the UAE with the Federal Democratic Republic of Ethiopia after Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan's visit to Addis Ababa last year.
The funding will enable the implementation of several projects aimed at strengthening the Ethiopian government’s policies to create a balanced and stable economy. The projects will create more employment opportunity for the youth and pave the way for women empowerment in the African nation.
“Under this agreement, the KFED looks towards providing the vital elements needed in helping Ethiopians realize and establish their own projects which can play a key role in the move to reinforce their national economy,” Al Nowais said.
Nebebe hailed the KFED for continuing its support to Ethiopia across priority sectors that play vital roles in his country’s economic development. The minister has assured that the fund will be maintained and supervised by the Ministry of Innovation and Technology.
The Khalifa Fund for Enterprise Development was established 12 years ago in Abu Dhabi, aiming to support SMEs in the UAE. Till date, KFED has funded over 1,600 projects from the UAE and 20 other countries in Asia, Europe and Africa.