The Khalifa Fund for Enterprise Development has announced the launch of a $100 million (Dhs368 million) fund for startups, small and medium scale businesses in Ethiopia. This is a fallout of an agreement signed between the Fund and the Ethiopian Ministry of Finance in Addis Ababa. The agreement 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, aimed at supporting and financing micro, small, and medium-sized projects in Ethiopia.
“This agreement, which is a continuation of the MoU we signed last July, comes under the directives of His Highness Sheikh Mohamed Bin Zayed, to strengthen cooperation, deepen relations, and build strategic partnerships with different countries across the world. Under the terms of this agreement, we hope to help the Ethiopian economy to sustainably grow and benefit the welfare of its citizens,’’ the Chairman of the Khalifa Fund for Enterprise Development, Jasim Al Nowais said.
Here Is All You Need To Know
- At least 30% of projects in Ethiopia which will receive funding from the Khalifa Fund would be led by women, whilst the rest of the funding will be equally distributed between male-led and female-led projects.
- The Fund will be looking at startups and SMEs with the right innovation.
- It is also targeted at supporting entrepreneurship, and empowering women, alongside developing Ethiopia’s entrepreneurial sector.
“This agreement implements a stringent financial and technical framework that creates new employment opportunities, alongside empowering women to grow their role in the Ethiopian economic agenda. The funding shall also be invested in areas with higher indices of poverty to help in their economic development. This loan is expected to finance about 37,000 projects over the next four years and create over 200,000 job opportunities for young people,” added Al Nowais.
- According to Ahmed Shide, Minister of Finance in Ethiopia:
“This agreement not only helps to strengthen Ethiopia’s national economic development, but will also benefit Ethiopian citizens, provide more jobs, more skills, and more especially, helping those living in poverty in Ethiopia.’’
A Look At The Khalifa Fund
- Established 13 years ago in Abu Dhabi, the Khalifa Fund for Enterprise Development is a leading institution in its promotion of a culture of entrepreneurship.
- Khalifa Fund provides comprehensive support to SMEs in the UAE, funding over 1,700 projects nationally. The Fund has expanded its model of entrepreneurial development to over 22 countries in Asia, Africa, and Europe through providing bespoke financing programmes.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.
He could be contacted at udohrapulu@gmail.com