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ADFD funds AED 37m MSMEs programme in Colombia

ADFD funds AED 37m MSMEs programme in Colombia
The MSME project will provide both financial and non-financial support

UAE - Mubasher: The Abu Dhabi Fund for Development (ADFD) will fund a AED 37 million ($10 million) programme that targets micro, small and medium enterprises (MSMEs) in Colombia.

The programme was launched in a virtual ceremony organised by the Colombian Presidential Agency of International Cooperation (APC-Colombia), according to a press release on Thursday.

The programme will be funded from an AED 165 million ($45 million) grant provided by the UAE government to Colombia.

The MSME project will provide both financial and non-financial support, including technical assistance, capacity building, and drawing action plans.

To start in the second quarter (Q2) of 2021, the project will support 1,600 MSMEs in addressing the challenges of the coronavirus (COVID-19) pandemic by increasing their productivity, export volumes, and competitiveness.

The Deputy Director-General of ADFD, Khalifa Al Qubaisi, said: "Similar to other high-impact projects we have financed in Colombia in the past, this one is expected to significantly contribute to sustainable socio-economic development in the country, as it will foster innovation in the MSME sector, raise its productivity and improve its access to the global market."

Meanwhile, the Minister of Trade, Industry and Tourism in Colombia, Jose Manuel, commented: "This fund will further strengthen our relations with ADFD and the UAE Government. It will go a long way in strengthening the MSME sector, a key element to drive industrial development in our country."