Tag Archives: Khalifa Fund

Khalifa Fund Fuels Loan Agreement For Egypt

Investment firms from the UAE have been making positive economic strides in their own country that is billowing out to international investments. Khalifa Fund for Enterprise Development has already begun to pave the way for Emirati innovators throughout the UAE by planning an entrepreneurial program that would help Emirati’s develop their ideas and bring them to reality. This program is a part of the many initiatives taking place within the UAE to fuel their own economy and with the positive strides, Khalifa Fund for Enterprise Development has its sights on helping other nations prosper.

Chairman of the UAE-based investment firm, Hussain al Nowais, announced the activation of a loan agreement totaling USD $200 million to be invested in developing the microfinance sector in the Arab Republic of Egypt. The Egyptian Ministry of International Cooperation and the Egyptian Social Fund for Development signed the loan agreement with Khalifa Fund.

Hussain al Nowais stated that the agreement represents the leadership of the UAE and how the two countries can enhance their mutual relationship to bring economic and social benefit to Egyptian citizens. The loan agreement is anticipated to produce more than 200,000 job opportunities and enterprises over the next six years. The focus of the loan is to help bolster employment and reduce poverty throughout the country. Additionally, it’s a great way to promote the role of women in business by fueling their entrepreneurial attributes and skills to help contribute to the national economy in the Arab Republic of Egypt.

With that being said, some of the parameters of the loan agreement are allotted to provide 25% of the financing strictly towards female enterprises while the remaining amount will be directly diversely split between men and woman. The loan will be a significant factor in the Egyptian governments’ efforts to improve social welfare, decrease poverty and support Egyptian citizens. According to Hussain al Nowais, the loan will reach tenure in 15 years with a six-year grace period which seems to allow for plenty of time for the Egyptian government to make good use of the funds.