Mali, Khalifa Fund sign $25m deal to boost small businesses

The $25 million agreement is aimed towards providing support for micro, small- and medium-sized enterprises in the Republic of Mali.

According to the agreement signed by Hussain Jasem Al Nowais, Chairman of Khalifa Fund for Enterprise Development and Dr Boubou Cisse, Minister of Economy and Finance in Mali, the amount will be distributed in equal instalments over the next five years.

After signing the agreement, Al Nowais said: “The agreement is a part of the UAE’s continuing efforts to support micro, small and medium enterprises in the Republic of Mali while also enabling these enterprises in generating business that are in line with the Mali Government’s efforts to promote economic development in the country.”

Al Nowais explained that the agreement provides a financial framework to support the government efforts in the Republic of Mali, which looks towards promoting a culture of entrepreneurship and supporting micro, small and medium enterprises. The agreement is also seen to help offer new jobs and enhance the role of women across various economic fields to boost further development in the poorest areas of Mali.

Al Nowais also pointed out that Khalifa Fund is committed to move ahead in ensuring the necessary measures needed in implementing and monitoring the financed projects, as well as provide the corrective measures if necessary, including the provision of essential technical support and expertise. He also explained the importance of joining hands with the Malian Ministry of Economy and Finance to allow young people and women the opportunity to achieve their ambitions via the establishment of their own projects that will contribute to the national economy of Mali and the development of rural and poor areas throughout the country.

—WAM