Zanzibar entrepreneurs the beneficiaries of US$10 million from Khalifa Fund

The Khalifa Fund For Enterprise Development recently signed a Memorandum of Understanding, MoU, with the Ministry of Finance and Planning of Tanzania, providing AED36.8 million (US$10 million) towards the development of micro, small and medium-sized enterprises in Zanzibar. This MoU was signed by Hussain Jasem Al Nowais, Chairman of Khalifa Fund for Enterprise Development and Mohammed Ramia Abdiwawa, in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Dr. Ali Mohammed Shein, President of Zanzibar.

This MoU reflects the UAE’s commitment to proactively contribute towards government efforts to promote economic and social development in fraternal and friendly countries and to boost economic and social stability. It also emphasises the strong bilateral relations between the two sides.

Furthermore, the Fund supports entrepreneurship and empowers entrepreneurs in establishing micro, small and medium enterprises that will contribute towards a stable and balanced economy, and drive economic development in Zanzibar

Al Nuwais remarked "The MoU signed today articulates the active role of the UAE and Khalifa Fund in promoting sustainable development. Khalifa Fund supports various development programmes prioritised by the Zanzibar Government to improve the region's healthcare sector and accelerate sustainable development. The agreement will provide funding for about 2,000 expected projects to contribute to creating more than 9,000 new jobs for young people in Zanzibar in the coming period."

Additionally, he went on to mention 35% of target projects will focus on women, whilst the remainder will be available for all citizens, particularly those based in remote and poor areas. This agreement is geared towards improving the living conditions of approximately 14% of vulnerable areas in Zanzibar.

Al Nuwais highlighted that the Khalifa Fund is committed towards taking all relevant measures for the implementation of the projects and providing the necessary technical support and expertise. He also cited the significance of efforts between both parties to facilitate the private projects that will enable the young people and women to pursue their goals and develop the poor areas across Zanzibar.