UAE – Mubasher: The Khalifa Fund for Enterprise Development (KFED) has signed a strategic partnership agreement with the Ethiopian Ministry of Finance for $100 million finance package (AED 368 million).

The funding was aimed at supporting innovation and finance prominent projects in Ethiopia, according to the Emirates News Agency (WAM).

“The signing of this agreement falls in line with the UAE's leadership vision to strengthen cooperation and maintain friendly and strategic partnerships with various countries around the world,” chairman of KFED Hussain Jasim Al Nowais said.

The agreed-upon funding will allow for the implementation of a group of projects aimed at promoting the Ethiopian government's efforts to create a stable and balanced economy, WAM reported.