Khalifa Fund offers $30m to support SMEs in Kenya

Dubai: The Khalifa Fund For Enterprise Development (KFED) and National Treasury & Planning Ministry in the Republic of Kenya have signed a Dh110 million ($30 million) financing agreement to support the Kenyan Youth Enterprise Development Fund.

The agreement aims to support the Kenyan government efforts in economic development, promote innovation and innovative projects, create job opportunities for youth in addition to unlocking their potentials, develop their skill and empower them to contribute in building a sustainable, sable national economy.

“We aim to support the Kenyan government efforts to achieve economic development through enhancing the SMEs sector, and spreading the culture of entrepreneurship among youth and women’s empowerment,’’ said Alia Al Mazrouei, CEO of KFED.

Under the agreement, more than 3,000 projects will be financed and expected to generate nearly 13,000 job opportunities for the Kenyan youth.