KFED Signs a $100 Million Deal with the Ethiopian Ministry of Finance to Boost Economy

The Ethiopian Ministry of Finance pairs up with Abu Dhabi-based Khalifa Fund for Entreprise Development (KFED) in order to provide over $100 million in funding aiming to boost the culture of entrepreneurship and innovation in Ethiopia. The partnership agreement was signed by Hussain Al Nowais, Chairman of KFED and Admasu Nebebe, the Ethiopian Minister of Finance.

Both parties are very confident that their partnership will take the Ethiopian economy to new heights. The funding will allow for the implementation of several projects aiming to strengthen the Ethiopian government’s policies to create a well-balance and stable economy, which will create more employment opportunities for the youth and lead the way for women empowerment in Ethiopia. Hailing the KFED for their continuous support, Nbebe has assured that the fund will be maintained and moderated by the Ministry of Innovation and Technology in Ethiopia.

“Under this agreement, the KFED looks toward providing the vital elements needed in helping Ethiopians realise and establish their own projects, which plays a key role in the efforts to reinforce their national economy,” says Al Nowais in a statement to Gulf News. The Khalifa Fund for Entreprise Development was established 12 years ago in Abu Dhabi, in hopes to support SMEs in the UAE. Today, KFED has funded over 1,600 projects from the UAE and 20 other countries in Africa, Europe and Asia.