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An agreement between Khalifa Fund and Zanzibar to support entrepreneurship with 36.8 million dirhams

2019-09-28T22:05:54.359Z

His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, said that the UAE is keen on strengthening its relations with the Federal Republic of Tanzania, Zanzibar and the African continent in general, in the common interests of both sides.



His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, said that the UAE is keen on strengthening its relations with the Federal Republic of Tanzania, Zanzibar and the African continent in general, in the common interests of both sides in development and prosperity.

His Highness made the remarks during his meeting with the President of the Zanzibar Region of the Federal Republic of Tanzania, Dr. Ali Mohamed Sheen, at the Beach Palace yesterday.

In addition, His Highness and the President of the Zanzibar Region in the Federal Republic of Tanzania witnessed the signing of a cooperation agreement between Khalifa Fund for Enterprise Development and the Ministry of Finance and Planning in Zanzibar to support and finance micro, small and medium enterprises in the region worth US $ 10 million (equivalent to AED 36.8 million).

Bilateral relations

His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, received the President of Zanzibar in the Federal Republic of Tanzania, Dr. Ali Mohammed Sheen.

During the meeting, which was held at the Beach Palace, HH welcomed Zanzibar President's visit to the UAE and discussed with him the existing relations between the two sides in the fields of investment, trade, tourism and other aspects and ways of developing them and pushing them forward at various levels during the coming period.

The two sides also discussed a number of issues and issues of common concern and exchanged views on them.

His Highness Sheikh Mohammed bin Zayed Al Nahyan, said that the UAE is keen on strengthening its relations with the Federal Republic of Tanzania, Zanzibar and the African continent in general, in order to achieve the common interests of both sides in development and prosperity.

For his part, thanked Dr. Ali Mohammed Sheen, His Highness Sheikh Mohammed bin Zayed Al Nahyan, and expressed his deep appreciation for the support provided by the UAE for comprehensive development and development in the province of Zanzibar.

He stressed the keenness to develop relations with the UAE in various fields, and to benefit from its leading development experiences, especially in light of the potential of these relations for the further development and prosperity.

The meeting was attended by Minister of State for International Cooperation, Reem bint Ibrahim Al Hashimi, Undersecretary of the Crown Prince's Court, Mohammed Mubarak Al Mazrouei, Chairman of Khalifa Fund for Enterprise Development, Hussein Jassim Al Nowais, and UAE Ambassador to the Federal Republic of Tanzania, Khalifa Abdulrahman Mohammed Abdulrahman Al Marzouqi.

sign the agreement

His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and President of the Zanzibar Region of the Federal Republic of Tanzania, Dr. Ali Mohammed Sheen, signed a cooperation agreement between Khalifa Fund for Enterprise Development and the Ministry of Finance and Planning in Zanzibar to support and finance Micro, Small and Medium Enterprises (SMEs) in the Region valued at US $ 10 million (AED 36.8 million).

The agreement was signed by Hussain Jassim Al Nowais, Chairman of Khalifa Fund for Project Development, and Zanzibar Minister of Finance and Planning, Mohammad Ramieh Abediwa, while the agreement will be disbursed over five years in equal payments.

economical development

"This agreement reflects the UAE's commitment to contribute actively to the government's efforts to promote economic and social development in brotherly and friendly countries, and to consolidate economic and social stability in the world," he said.

He explained that the agreement aims to support entrepreneurship and enable entrepreneurs to establish their micro, small and medium enterprises, to contribute to a stable and balanced economy that promotes economic development in Zanzibar.

He added that the agreement will provide funding for about 2000 projects, expected that these projects will contribute to create more than 9 thousand new jobs for young people in the province of Zanzibar in the next few period.

Al-Nowais pointed out that 35% of the targeted projects will be for women, while the remaining projects will be made available to all categories of citizens, especially those living in remote and poor areas, pointing out that the agreement aims to contribute to improving the living conditions of about 14% of those who are under The poverty line in Zanzibar.

Al Nowais stressed the Fund's full commitment to take the necessary and required measures to ensure the implementation of the subsidized projects and supervise them, and work to provide corrective measures in case of this, as well as providing technical support and expertise required, stressing the importance of concerted efforts between the two parties to provide an opportunity for young people and women to achieve their aspirations. During the establishment of special projects that contribute to the economy in the province of Zanzibar, and the development of poor areas throughout the region.

For his part, the Minister of Finance and Planning in the province of Zanzibar, Mohamed Ramie Abdiwawa, praised the distinguished relations between the UAE and Zanzibar, expressing his country's aspiration to strengthen the bonds of this constructive cooperation.

The UAE is exerting important and extraordinary efforts to support and promote economic and social stability in many countries of the world, in particular ways to encourage and enable young people to implement their projects and realize their dreams, and contribute to the development of their countries' economy through the financing of Khalifa Fund for Enterprise Development, which plays an important role. Effective in supporting entrepreneurship and empowering SMEs in different regions of the world.

1600 projects

Established around 12 years ago in Abu Dhabi, Khalifa Fund for Enterprise Development has become one of the leading institutions in promoting entrepreneurship culture and supporting SMEs in the UAE. It has financed more than 1,600 projects in the UAE, while bringing its experience to more than 20 sister and friendly countries in Asia. Africa and Europe through pilot financing programs.

Source: emara

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