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Abu Dhabi / WAM
Khalifa Fund for Enterprise Development (KFED) and the Development Bank of Belarus (DBRB) signed an MoU setting up the framework for future cooperation to develop Small and Medium Enterprises in the Republic of Belarus.
The agreement was signed by Hussain Jassem AlNuwais, Chairman of Khalifa Fund for Enterprise Development and Sergei Rumas, Chairman of the DBRB. The ceremony was attended by Roman Golovchenko, Ambassador of the Republic of Belarus to the UAE and other official delegates from both sides.
The agreement denoted that the UAE government will invest AED92 million through Khalifa Fund. The investment amount will be loaned; with easy payment terms; to the DBRB for purposes of funding creative SME’s in Belarus to support the economic development in the country. It aims at setting the framework for bilateral cooperation to guarantee mutual benefits of investing in SME’s for future development and supporting the government’s efforts especially through funding youth and women’s businesses as well as investing in potential business opportunities in various areas in Belarus.
Khalifa Fund will be providing financial and non-financial support to the SME sector in Belarus through DBRB. The agreement also comprises of information exchange to ensure accomplishment of the project.
Commenting on signing the MoU, AlNuwais said that the agreement aligns with the wise leadership of the UAE, adding that it aims at setting framework for future bilateral cooperation and assure mutual benefits of investing in SME’s for future development and supporting the government efforts in the long run, via funding youth and women supporting their roles in developing the local economy.
Chairman of the DBRB said that the agreement represents an important step towards further cooperation with the UAE through Khalifa Fund for Enterprise Development.
He added, “We consider Khalifa Fund for Enterprise Development, which has been working in Abu Dhabi for 10 years, a strategic partner with broad qualifications and expertise to develop and spread the entrepreneurial culture and create micro, small and medium projects that contribute to building the Belarusian economy.
He elaborated that the programme will support the establishment of projects in addition to contributing to the provision of employment opportunities for the youth and the women and disadvantaged groups, and focus on building the capacity of entrepreneurs.