Khalifa Fund signs $15 million agreement to support SMEs in Togo

Abu Dhabi Khalifa Fund for Enterprise Development (KFED) and Togo's Ministry of Finance have signed an agreement worth $15 million to support micro, small and mediumsized enterprises (SMEs) in the West African country.

The agreement was signed here on Monday by KFED Chairman Hussain Jasim Al Nowais and Togolese Minister of Finance Sani Yaya, in the presence of Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohamed bin Zayed Al Nahyan, and Togo's President Faure Gnassingbe.

Commenting on the signing, Al Nowais said that the agreement is part of the efforts of the United Arab Emirates to support development programs in a number of friendly countries. He added that the agreement also aims to enhance bilateral relations between the UAE and Togo.

The chairman explained that the agreement will see KFED provide financial and technical frameworks to support Togo's development efforts, and empower entrepreneurship and SMEs in the country.

Al Nowais said that the agreement will provide young innovative individuals with opportunities to take advantage of their skills and craftsmanship, as well as enabling them to build their income generating means and supporting the economic growth in Togo. It will also see the creation of new jobs and empowerment of female entrepreneurs.

Established in Abu Dhabi in 2007, Khalifa Fund aims to lead entrepreneurship development and facilitate the growth of competitive SMEs in the UAE and abroad.

Source: International Islamic News Agency