UAE-based Khalifa Fund for Enterprise Development ( KFED ) has signed an agreement with the Egyptian government to provide an US$200 million loan to micro entrepreneurs in the country through the Social Fund for Development.
The loan agreement was signed in Cairo by KFED Chairman Hussain Jassim Al Nowais, and Egypt’s Minister of International Cooperation Najla Al-Ahwani.
A project implementation agreement was concurrently signed by Ibrahim Al Mansoori, KFED 's Chief Operations Officer, and Soha Soliman, Managing Director of Egypt's Social Fund for Development.
Strategically located in the Arab world, Egypt plays a key role in shaping the region's eco-political dynamics. The country's stable and sustainable development has significant implications for peace in the Middle East. KFED 's initiative articulates the UAE's commitment to strengthening political stability and socio-economic development in Egypt through facilitating job creation, ensuring the development of impoverished areas, and promoting the role of women in the country's development process, according to a press release.
Speaking at the signing ceremony, Egyptian Prime Minister Ibrahim Mehleb thanked the UAE for its support to his country in addressing the needs of the Egyptian people, especially in the economic and development domains. Recalling the rich historical relations shared by the two countries, he expressed Egypt's aspiration to build upon the synergy and strengthen mutual bonds.
UAE’s Minister of State Sultan Ahmed Al Jaber affirmed that the UAE leadership attaches great importance to promoting development in Egypt through supporting entrepreneurship, combating poverty in the underdeveloped areas, and empowering women and the youth in the country. He added that the UAE's efforts are designed to help Egypt regain its pivotal role in the region and generate economic and social benefits for the average Egyptian citizen.
The loan agreement was signed in Cairo by KFED Chairman Hussain Jassim Al Nowais, and Egypt’s Minister of International Cooperation Najla Al-Ahwani.
A project implementation agreement was concurrently signed by Ibrahim Al Mansoori, KFED 's Chief Operations Officer, and Soha Soliman, Managing Director of Egypt's Social Fund for Development.
Strategically located in the Arab world, Egypt plays a key role in shaping the region's eco-political dynamics. The country's stable and sustainable development has significant implications for peace in the Middle East. KFED 's initiative articulates the UAE's commitment to strengthening political stability and socio-economic development in Egypt through facilitating job creation, ensuring the development of impoverished areas, and promoting the role of women in the country's development process, according to a press release.
Speaking at the signing ceremony, Egyptian Prime Minister Ibrahim Mehleb thanked the UAE for its support to his country in addressing the needs of the Egyptian people, especially in the economic and development domains. Recalling the rich historical relations shared by the two countries, he expressed Egypt's aspiration to build upon the synergy and strengthen mutual bonds.
UAE’s Minister of State Sultan Ahmed Al Jaber affirmed that the UAE leadership attaches great importance to promoting development in Egypt through supporting entrepreneurship, combating poverty in the underdeveloped areas, and empowering women and the youth in the country. He added that the UAE's efforts are designed to help Egypt regain its pivotal role in the region and generate economic and social benefits for the average Egyptian citizen.
Source:
Mubasher
