Skip to main content

UAE fund agrees $100m loan to support Ethiopian SMEs


UAE fund agrees $100m loan to support Ethiopian SMEs

Khalifa Fund for Enterprise Development has signed a $100m loan agreement with the Ethiopian Ministry of Finance
By Sam Bridge
13 Mar 2020
The agreement was signed by Hussain Jasim Al Nowais, chairman of the Khalifa Fund, and Ahmed Shide, Minister of Finance in Ethiopia.
The UAE's Khalifa Fund for Enterprise Development has signed a $100 million loan agreement with the Ethiopian Ministry of Finance to support small businesses in the African country.
The deal signed in Addis Ababa will support and finance micro, small, and medium-sized projects in Ethiopia.
The agreement was signed by Hussain Jasim Al Nowais, chairman of the Khalifa Fund, and Ahmed Shide, Minister of Finance in Ethiopia.
Al Nowais said: “Under the terms of this agreement, we hope to help the Ethiopian economy to sustainably grow and benefit the welfare of its citizens.
“This agreement implements a stringent financial and technical framework that creates new employment opportunities, alongside empowering women to grow their role in the Ethiopian economic agenda."
He added that the funding will be invested in areas with higher indices of poverty to help in their economic development and the loan is expected to finance about 37,000 projects over the next four years and create over 200,000 job opportunities for young people.
Shide said: “I commend the efforts of both the UAE and of Khalifa Fund in ensuring the national economic development of Ethiopia, and supporting the growth of both our national entrepreneurial culture, as well as assisting other countries across the globe.
“This agreement not only helps to strengthening Ethiopia’s national economic development, but will also benefit Ethiopian citizens, providing more jobs, more skills, and more specialties, helping those in poverty in Ethiopia.”

Comments

Post a Comment

Popular posts from this blog

Suspension of US aid to Ethiopia is yet another example of Trump’s disregard for Africa

Image
America’s Department of State recently suspended   $130 million worth of aid to Ethiopia because of “a lack of progress” on negotiations pertaining to the construction of the Grand Ethiopian Renaissance Dam on the River Nile. According to state department officials, the decision to cut aid came as a result of a direct “ guidance ” from President Donald Trump. Estimates  show that almost half of Ethiopia’s budget is linked to foreign aid. The country depends on  economic assistance  to support its infrastructure projects, health care and education expansion efforts, and security sector reforms. By suspending some aid, the United States has reopened the debate on whether developing countries should depend on foreign aid to realise their economic goals. The decision to suspend aid to Ethiopia comes after  almost 10 years of regional and international efforts  to mediate the dam dispute between Egypt and Ethiopia. Almost  60% of Ethiopians  do not have access to electricity. The renaissanc
Read more

The 9 Most Beautiful Towns and Cities in Africa

Image
The African continent is not only about impressive animals, stunning deserts and beautiful savannahs. It is also home to astonishing cities and towns that are rich in history and culture. Here are our top picks. Cape Town, South Africa Cape Town is a vibrant and colorful city with stunning beaches, beautiful mountains and some of the best vineyards in Africa. Taking the cable car ride to  the top of Table Mountain  at sunrise or sunset to take in the beautiful views is a must. With all the sophistication and activities that can be found in the city, this seaside playground certainly has enough to offer to everyone. Essaouira, Morocco With an ancient medina and lustrous fortifications that date back to the 18th century, miles of stunning beaches, and a charming harbour and fish market to stroll around,  Essaouira is one the most beautiful towns to visit  on the continent. It guarantees moments of peace and tranquility far away from the mayhem of bigger cities and the charmless all
Read more

UAE and Ethiopia discuss more avenues to enhance cooperation

Image
  Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), received at the Fund’s headquarters Suleiman Dedefo, Ambassador of Ethiopia to the UAE. Senior officials from both sides were present at the meeting. The two sides discussed bilateral relations and means of developing them, especially through the Fund’s support to the Ethiopian government to achieve sustainable development goals by financing development and investment projects. Al Suwaidi emphasised the Fund’s commitment to supporting Ethiopia in its developmental efforts, noting that the visit presented an opportunity to discuss issues of common interest. The meeting was part of the continuous coordination, particularly over the Fund’s support to the Ethiopian government to achieve its economic objectives. Dedefo expressed appreciation for the UAE, as well as ADFD, for supporting his country in its effort to achieve sustainable developmental goals and economic priorities. He pointed out that the
Read more