Abu Dhabi, United Arab Emirates:  the Khalifa Fund for Enterprise Development has signed a Memorandum of Understanding with the Ministry of Small and Medium Enterprise Development, Zambia. As per the MoU, Khalifa Fund will provide 15 million USD (equivalent to 55 million AED) to the African nation to support their SME sector. The MoU was signed in the presence of H.E. Sheikh Shakhboot bin Nahyan, Minister of State of the Ministry of Foreign Affairs and International Cooperation, by HE Alia Abdulla Al Mazrouei, CEO of Khalifa Fund, and Hon. 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 a variety of sustainable projects and contribute to the creation of jobs for the youth and women in Zambia.

HE Alia Abdulla 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.”

HON. Stanley K Kakubo, Minister of Foreign Affairs and International Cooperation 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. 

He added: “We are highly focused on growing the Zambian economy and thanks to the Khalifa Fund and their support, we are able to go one step closer to realising that vision. 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.”


About Khalifa Fund for Enterprise Development

Khalifa Fund for Enterprise Development was established in 2007, by the virtue of the Law 14 of 2005 and its amendments, in the implementation of the vision of His Highness Sheikh Khalifa Bin Zayed Al Nahyan. The Khalifa Fund works as an independent, not-for-profit economic development agency of the Government of Abu Dhabi for the development and support of small-to-medium enterprises (SMEs).

The Fund helps to develop local enterprises in Abu Dhabi through instilling and enriching an investment culture amongst UAE nationals. The Fund also seeks to support and develop SMEs in the Emirate.

Khalifa Fund was founded in 2007 with a total capital of AED 300 million, which gradually increased in 2008 to AED 1 billion, in order to meet the growing demand for the Fund’s services. In 2011, the Fund’s total capital was increase to AED 2 billion, and the Fund covered all of the UAE through a network of branches.

For media inquiries, please contact:
Cameron Hurrion
KBS Strategies