Media ININ Economy We Trust
Media IN ADDIS ABABA, 16th July, 2019 WAM
The Khalifa Fund for Enterprise Development, KFED, has signed a strategic partnership agreement with the Ethiopian Ministry of Finance aimed at providing over US$100 million (AED368 million) to help promote a culture of innovation and finance prominent projects in the Federal Democratic Republic of Ethiopia.
The agreement, which was signed by Hussain Jasim Al Nowais, Chairman of KFED, and Admasu Nebebe, Ethiopian Minister of Finance, follows the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, in the presence of Dr. Abiy Ahmed Ali, Ethiopian Prime Minister.
Al Nowais, Chairman of KFED, stated that the signing of this agreement falls in line with the UAE’s leadership vision to strengthen cooperation and maintain friendly and strategic partnerships with various countries around the world.
It also aims to maintain strong ties with brotherly and friendly countries while also helping them in promoting their economies, which in turn can drive in key growth for the benefit and wellbeing of their people.
He shared that the UAE has maintained strong ties with Ethiopia, which is evident in the overwhelming response received by Sheikh Mohamed bin Zayed’s visit to Addis Ababa last year and the successful visit of Ethiopian Prime Minister to Abu Dhabi during the same period.
The new agreement will help pave the way in enhancing innovation and supporting the culture of entrepreneurship in Ethiopia.
The funding will enable the implementation of a series of promising projects that are aimed at consolidating the Ethiopian government’s efforts to create a stable and balanced economy while also driving in other benefits like the creation of employment opportunities for the youth, women empowerment and enhanced capacity building for entrepreneurs and local institutions.
The Minister shared that the allotted $100 million will be supervised and maintained by the Ministry of Innovation and Technology, in cooperation with KFED.
The proposed fund is expected to play a significant role in reinforcing the Ethiopian government’s move to create economic entities that will be capable of supporting and enhancing the stability of the economy, including the creation of jobs and reducing unemployment and poverty in different cities and regions in Ethiopia.
