Mohammed bin Zayed and President of Zanzibar province witness the signing of an agreement between the Khalifa Fund and the Ministry of Finance in the region with $ 10 million to support entrepreneurship

Abu Dhabi 28-09-2019
His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and His Excellency Dr. Ali Mohamed Sheen, President of the Zanzibar Region of the Federal Republic of Tanzania, signed a cooperation agreement between Khalifa Fund for Enterprise Development and the Ministry of Finance and Planning in Zanzibar US $ 10 million (AED 36.8 million)
The agreement was signed by His Excellency Hussein Jassim Al Nowais, Chairman of Khalifa Fund for Project Development and His Excellency Mohammed Ramia Abdiwawa, Minister of Finance and Planning of Zanzibar. The agreement will be disbursed over five years in equal payments.
Al-Nowais said that this agreement reflects the UAE’s commitment to contribute actively to the government’s efforts to promote economic and social development in brotherly and friendly countries and to consolidate economic and social stability in the world.
He explained that the agreement aims to support entrepreneurship and enable entrepreneurs to establish their micro, small and medium enterprises to contribute to a stable and balanced economy that promotes economic development in Zanzibar.
He added that the agreement will provide funding for about 2000 projects expected to contribute to the creation of more than 9 thousand new jobs for young people in the province of Zanzibar in the next few period.
He said that 35% of the targeted projects will be for women, while the remaining projects will be made available to all categories of citizens, especially those living in remote and poor areas. .
Al Nowais stressed the Fund’s full commitment to take the necessary and required measures to ensure the implementation of the subsidized projects and supervise and work to provide corrective measures in case of this, as well as providing technical support and expertise required, stressing the importance of concerted efforts between the two parties to provide an opportunity for young people and women to achieve their aspirations, through Establishing private projects that contribute to the economy of Zanzibar and the development of poor areas throughout the province.
For his part, the Minister of Finance and Planning in Zanzibar praised the distinguished relations between the United Arab Emirates and Zanzibar, expressing his country’s aspiration to strengthen the bonds of this constructive cooperation.
He said that the UAE is exerting important and exceptional efforts to support and promote economic and social stability in many countries of the world in various ways, including encouraging young people to implement their projects and achieve their dreams and contribute to the development of their countries’ economy through the financing of Khalifa Fund for Project Development which plays an important role. It is active in supporting and promoting entrepreneurship and empowering SMEs in different regions of the world.
Established around 12 years ago in Abu Dhabi, the Khalifa Fund for Enterprise Development has become one of the leading institutions in promoting entrepreneurship culture and supporting SMEs in the UAE. It has financed more than 1,600 projects in the UAE, while bringing its experience to more than 20 countries. Sister and friend in Asia, Africa and Europe through leading financing programs.