Khalifa Fund signs MoU with Zambia to support SME sector

Khalifa Fund for Enterprise Development has signed a Memorandum of Understanding (MoU) with the Ministry of Small and Medium Enterprise Development, Zambia.

As per the MoU, Khalifa Fund will provide $15 million (equivalent to Dhs55 million) to the African nation to support their SME sector.

The MoU was signed in the presence of Sheikh Shakhboot bin Nahyan bin Mubarak Al Nahyan, Minister of State: Alia Abdulla Al Mazrouei, CEO of Khalifa Fund; and 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 various sustainable projects and contribute to creating jobs for the youth and women in Zambia.

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.”

For his part, Kakubo 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.

‘’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,” he added.

Meanwhile Khalifa Fund for Enterprise Development has supported - for the first time in its history - the participation of three international entrepreneurs participated at the Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX).

The international participants include multiple businesses that have been established in the Chechen Republic and are actively supported by the Zayed Foundation and Khalifa Fund’s partner in the region. Khalifa Fund will also be supporting the participation of several UAE-based businesses that represent UAE national heritage through various sectors, including hunting and equestrianism.

The support of the three Chechen businesses comes as part of Khalifa Fund’s long-term international outreach efforts, where Zayed Fund was established and set up by Khalifa Fund in 2017 in Grozny, the Chechen capital, with a capital of $50 million, to empower women and youth by developing their entrepreneurial skillset, and boost the growth of the local economy.

Alia Al Mazrouei. CEO of Khalifa Fund for Enterprise Development, said, “ADIHEX is amongst the most prestigious and imperative exhibitions in the region, which uniquely shines a light on our heritage, culture and traditions. For the first time in Khalifa Fund’s history, we’re delighted to support three international businesses alongside our six UAE-based businesses.

“Our international counterparts, who are funded by the Zayed Foundation, share our values within the hunting and equestrian sector and also have a deep-rooted history in manufacturing goods and offering services in this specific sector.”

ADIHX, which is renowned for being the largest exhibition for hunting, equestrian and heritage preservation in the Middle East and Africa, is organised by the Emirates Falconers’ Club and attracts local and global attendees to develop its plans and projects to be in line with its leading environmental and heritage goals in promoting sustainable hunting.