His projects have contributed to providing 15,000 jobs in the private sector since its establishment

«Khalifa Fund» finances 10 new projects with 8 million dirhams during 2020

Moza Obaid Al Nasseri: “(The Fund) agreed to reschedule the loans of 99 projects, with a total value of 66.77 million dirhams.”

The Khalifa Fund for Enterprise Development announced that it was able to pass the year 2020 by achieving many achievements in the field of promoting a culture of entrepreneurship and creating the appropriate environment for the development of the small and medium enterprise sector.

And he stated in a statement, yesterday, that his greatest achievement was his superior ability to develop effective tools to adapt to the emergency conditions resulting from the emerging Corona Virus (Covid-19) pandemic, and to employ them to limit the effects of the pandemic in the small and medium enterprise sector in the country.

Positive indicators

The fund’s annual report for the year 2020 revealed many positive indicators that it achieved during the past year, including conducting 130 training courses, benefiting 8,643 entrepreneurs, while receiving about 2,263 new funding requests.

The Fund stated that despite the exceptional circumstances that afflicted all countries of the world, it was able to provide the necessary financing for 10 new projects, with a financing value of about eight million dirhams, while the total number of active loans reached 1164.

The report pointed out that the number of members of the Fund increased to 435 new members, which means that more than 2,000 projects have benefited from the membership program since its inception, and the Fund's projects have contributed to providing 15,000 job opportunities in the private sector, since its establishment until 2020.

Support Options

The Acting CEO of the Khalifa Fund for Enterprise Development, Moza Obaid Al-Nasiri, said that the Khalifa Fund was able to provide many support options for entrepreneurs in terms of financial and operational terms, despite the challenges of the past year, the most prominent of which was the postponement of loans in the most challenging periods during the “Covid” pandemic. -19.”

She explained that a large group of projects benefited from the financial support measures taken by the Fund, to reduce the impact of the pandemic on small and medium enterprises under its umbrella, as the Fund agreed to reschedule the loans of 99 projects with a total value of about 66.77 million dirhams, by increasing The grace and repayment periods, the reduction of the value of the installments due, and the rescheduling of the allocations for loan disbursement items for about 38 projects.

She pointed out that the "Khalifa Fund" postponed 722 installments due on 254 projects, with a maximum of three consecutive installments, with a total value of 11.4 million dirhams, while the most affected projects were granted delays ranging between six and 12 months.

digital transformation

Al-Nasiri pointed out that the Fund urged its members and the projects under its umbrella, the need for digital transformation, an important measure to adapt to the emergency conditions of the pandemic, and to find new marketing and promotional channels for their products, by entering into partnerships with the most important local and global marketing platforms, and providing the opportunity for these projects to benefit from them.

She added: "The Fund achieved this by establishing a digital-based strategy, which included launching the electronic empowerment program, in partnership with the platforms (Amazon), (Noon) and (Kiosks), and we also partnered with (Facebook) to provide the (Shemins) program. Business), an entrepreneurship education program that has educated more than 1,300 women, in addition to unveiling the first phase of the digital assessment program, which will provide a comprehensive overview of the logistics, operations and overall performance of SMEs.

Al-Nasiri revealed that the efforts of the Fund contributed to supporting the national economy, as the average annual revenue for each project amounted to 3.3 million dirhams, while the average profit for each project exceeded 235,000 dirhams, according to the latest financial data collected from the funded projects.

International loans and grants

The Khalifa Fund has expanded its international presence, as the total international loans and grants it has managed since the start of the International Affairs Program amounted to 3.4 billion dirhams, through 400,000 projects that contributed to providing more than 680,000 job opportunities in the countries covered.

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