The Ministry of Economy and Finance of the Republic of Mozambique and the Khalifa Fund for Enterprise Development, KFED and signed a $25 million Memorandum of Understanding (MoU), to support entrepreneurship and innovation projects for women and the youth.
The chairman Khalifa Fund for Enterprise Development, Hussain Jasim Al Nowais, and Adriano Afonso Maleiane, Mozambique’s Minister of Economy and Finance signed the MoU in the presence of UAE Ambassador to Mozambique, Khaled Ibrahim Shuhail and other of officials from both sides.
During the five-year as per the Mou, Hussain Al Nowais said the agreement will provide funding for 4,800 projects which will generate 11,000 job opportunities.
‘Some 40 per cent of the targeted projects will be to empower women, while the remaining will be allocated for other members of the remote and poor communities,’ he explained.
Hussain emphasized the importance of creating opportunities for the women and youths to realise their dreams by helping them establish their own businesses that support the local economy and develop less privileged regions.
Mozambique’s minister for economy and fiance thanked the UAE for providing important development assistance to the country and said the MoU was a ‘building block’ for greater cooperation with the UAE through the Khalifa Fund.
He added that the MoU would contribute to improving the performance of Mozambique’s national economy as it supports Small and Medium-sized Enterprises, SMEs, a mainstay of a robust, sustainable economy.
Carlos Agostinho do Rosário, Prime Minister of Mozambique, praised the relations between the UAE and Mozambique and expressed his country’s hope to strengthen the bonds of constructive cooperation in different fields.
Rosário said that the United Arab Emirates is one of the leading countries, which supports and promotes economic and social stability in innovative ways. He also emphasized on the significance of such financing programmes to empower the youth and improve the role of small and medium enterprises in the national economy.
The KFED was established in 2007 in Abu Dhabi. It has become one of the leading institutions aimed at instilling a culture of entrepreneurship and supporting SMEs in the UAE.
The fund has financed more than 1,700 projects within the country.