Nigerien SMEs Get USD 25 Mn From UAE’s Khalifa Fund For Enterprise Development

Recently, there was a meeting between Mahamadou Issoufou, President of Niger and H.E Hussain Jasim Al Nowais, Chairman of Khalifa Fund For Enterprise Development. The confab which held in the West African country’s capital Niamey, led to the signing of a USD 25 Mn agreement.

The accord, which came amidst praises for the country’s growing relations and cooperation with the UAE, is tailored to provide support for MSMEs in the Nigerien territory, where the amount will be distributed in even installments. The agreement was signed by H.E Al Nowais and H.E Saadou Sidou, Nigerien Minister of Trade and Private Sector Development.

President Issoufou, who thanked Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Supreme Commander of the UAE Armed Forces for his support towards the cooperation between Niger and Dubai, said the agreement and fund will be of great impact to his country’ economy. According to him, the pact will positively affect the development and economic diversification of Niger, which is vital to the Republic’s economic stability.

On behalf of the Crown Prince, Al Nowais wished for continued progress and prosperity for Niger and her citizens. Al Nahyan had mandated Khalifa Fund for Enterprise Development to establish identical initiatives to support entrepreneurship with the drive to develop SMEs in other parts of the world, Niger inclusive.

According to Al Nowais, the agreement will assist Niger in its economic development efforts as it concerns promoting entrepreneurship culture and supporting SMEs. Stressing, he said that the fund will provide creative and innovative young people in the country with the avenue to use their skills to better their lives and contribute to Niger’s economic growth.

Khalifa Fund has been successfully providing a variety of support to different countries, under the directives and guidance of Al Sheikh Khalifa bin Zayed Al Nahyan, UAE President, and Sheikh Mohammed bin Zayed AI Nahyan.

H.E Sidou lauded UAE for the provided support to various segments of Niger’s society, and the friendly relations between both countries. He emphasized the positive impact of such major agreements on Niger’s development, citing that they lead to key projects and generate new jobs for the Nigeriens. This, he said, generally helps the country achieve comprehensive growth for the country and reduce poverty.

Set up in 2007 in Abu Dhabi, the Khalifa Fund for Enterprise Development has become one of the most significant initiatives tailored to instill entrepreneurship culture and support UAE SMEs. So far, the fund has financed over 1,400 projects within the country and has transferred its success to Egypt, Belarus, Chechnya, Mali, Mauritania, and Jordan.

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Did you know: Over $725.6 Mn was invested in Africa in 2018.
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