The Khalifa Fund For Enterprise Development (KFED) and National Treasury and Planning Ministry in the Republic of Kenya have signed a AED 110 million (US$ 30 million) financing agreement to empower the Kenyan Youth Enterprise Development Fund.
The agreement aims to promote entrepreneurship and develop Small and Medium Enterprises (SMEs) in Kenya.
The CEO of KFED Alia Al Mazrouei said the financing agreement will support the Kenyan government efforts to promote economic development, innovation and innovative projects in addition to creating job opportunities for youth and develop their skills.Â
”We aim to support the Kenyan government efforts to achieve economic development through enhancing the SMEs sector, and spreading the culture of entrepreneurship among youth and women’s empowerment,” she added.
Under the agreement, she continued, more than 3,000 projects with 40 percent allocated for women will be financed and are expected to generate nearly 13,000 job opportunities for the Kenyan youth.