UAE Khalifa Fund inks $200mn Deals to Support Microenterprises in Egypt Today
UAE Khalifa Fund for Enterprise Development is due to sign two framework agreements to finance microenterprises in Egypt. The agreements outline joint efforts to boost development and opportunities for micro-sized enterprises in Egypt
In this respect, the Egyptian Minister of International Cooperation Naglaa Al Ahwany and Khalif Fund’s Chairman Hussein Jassim Al Nowais will sign the first agreement.
The second agreement, which involves the implementation of an integrated series of micro developmental projects in Egypt, will be signed by Soha Soliman – Secretary General of Egypt’s Social Fund for Development; and Ibrahim Ibrahim Al Mansouri – Khalifa’s Chief Operations Officer.
The signing ceremony will be in the presence of Egypt’s Prime Minister Ibrahim Mahlab and Sultan Ahmed Al Jaber, Minister of State of the UAE and its special envoy for energy and climate change.
The Khalifa-SFD agreement will target the most impoverished rural areas in addition to supporting women and youth in Egypt. That is why 75% of Khalifa’s loan will be allocated for rural areas; while 25% are for microenterprises run by women and youth.
Furthermore, the agreement aims to support the implementation of around 197.524 microenterprises, including 49.383 for women, targeting the creation of 167.709 total job opportunities.
