Khalifa Fund signs MoU to promote entrepreneurship
Under the MoU, Khalifa Fund will ensure the implementation and monitoring projects in addition to providing corrective measures, if any.
By Staff Report
Published: Sun 15 Jul 2018, 2:50 PM
Last updated: Mon 16 Jul 2018, 9:02 AM
The Khalifa Fund for Enterprise Development has signed a Memorandum of Understanding (MoU) with the Crown Prince Foundation to support entrepreneurship and development projects in Jordan.
This initiative falls in line with its mission to promote entrepreneurship, encourage innovation and achieve sustainable growth of SMEs while harnessing its experience and replicating its successful model to develop SMEs at the regional and global levels and act as a major catalyst for economic growth in these countries.
Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE's Armed Forces, had assigned Khalifa Fund to develop a $100 million project in Jordan that supports microenterprises, promote SMEs, and develops the economy of the Kingdom.
The MoU states that both countries will support creativity and innovation and develop entrepreneurship in line with their respective national strategies, taking into account the national regulations and policies in the UAE and Jordan. Under this MoU, both parties undertake to implement major programs and special initiatives to support innovation and the growth of microfinance and SMEs, in addition to contributing effectively to building the capacities of women, youth and people from disadvantaged areas, with the aim of fueling an entrepreneurial culture among the youth.
Hussain Jasim Al Nowais, chairman of Khalifa Fund for Enterprise Development, said: "Through this MoU, we aim to strengthen cooperation with regional and international institutions that support entrepreneurship and SMEs, in addition to collaborating with one of the leading organizations in Jordan, committed to building a bright future for the Jordanian youth. We affirm our keenness to establish strong relations with the various regional economic and social institutions in order to support the local economy and promote trade between the UAE and Jordan."
Under the MoU, Khalifa Fund will ensure the implementation and monitoring projects in addition to providing corrective measures, if any. The fund will also provide the financial support and expertise required for the Crown Prince Foundation or any of its affiliates entrusted with managing a specific initiative or part of an initiative, as part of the fund's ongoing efforts to adopt campaigns aimed at instilling social responsibility, and its contribution to the development of SMEs in many regional and international countries.
This MoU reinforces its full commitment to instilling a culture of entrepreneurship and encouraging innovation and creativity among young people, as well as promoting SMEs and microenterprises as they are the cornerstone for a diversified, sustainable and competitive economy. For its part, the Crown Prince Foundation will enable beneficiaries to implement and monitor projects, and will provide corrective measures, if any, as well as facilitate the interaction between Khalifa Fund, agencies, authorities and stakeholders to ensure the success of projects in Jordan.