DUBAI // Small and micro-sized businesses in Egypt have been given a Dh735 million boost by the UAE.
The Khalifa Fund for Enterprise Development and Egypt’s Social Fund for Development (SFD) signed an agreement on Thursday on the sidelines of the Egypt/GCC Investment Forum. It outlined joint efforts to help development and opportunities for these businesses in the troubled country.
Ibrahim Ahmed Al Mansouri, the Khalifa Fund’s chief operations officer, and Ghada Wali, SFD’s managing director, signed the agreement in the presence of the Minister of State, Dr Sultan Ahmed Al Jaber, and the Egyptian prime minister, Dr Hazem El Beblawi.
The goal is for small businesses to achieve significant socio-economic impact throughout Egypt. The agreement also aims to contribute to the development of impoverished areas throughout the country, with a focus on increasing employment opportunities for women and youths.
Mr Al Mansouri called the agreement “an important step towards building strategic relations with the SFD as it seeks to reduce poverty and unemployment”.
Ms Wali said: “The two funds will work side by side to put in place the organisational and financial frameworks that will determine the features of the future cooperation between the two parties.
“The focus will be on developing the poorest areas, and maximising job creation, especially for young people and women.”
The agreement framework also calls for new levels of cooperation between both parties and for data sharing to ensure the success of the mission.
“The wise leadership of the UAE has asked us to identify development opportunities for Egyptian citizens in various sectors,” said Dr Al Jaber.
“I would like to take this opportunity to thank the Khalifa Fund and the SFD for their efforts in creating this agreement, which sets the structural framework for the launch of many innovative projects centred around sustainability and empowerment.
“This agreement reflects the UAE’s vision to boost sustainable development and foster Egypt’s human capital, focusing specifically on women and youth.
“We are confident that these segments of society will be able to launch their own unique projects and businesses, which will contribute to income generation and poverty reduction.”
Dr Al Jaber also stressed that economic stability is the foundation of national security, as well as political and social stability.
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