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UAE signs $100m deal to support projects in Ethiopia

Ethiopia’s Minister of State for Finance and Economic Cooperation, Admasu Nebebe in Vienna in November 2015. [Flickr]
Ethiopia’s Minister of State for Finance and Economic Cooperation, Admasu Nebebe in Vienna in November 2015. [Flickr]

The UAE’s Khalifa Fund for Enterprise Development (KFED) yesterday signed a $100 million agreement with the Ethiopian Ministry of Finance to support and finance micro, small and medium-sized projects in the country.

The deal was signed by Hussain Jassim Al-Nowais, chairman of the Khalifa Fund, and Ahmed Shide, Ethiopia’s Minister of Finance, in the attendance of Ethiopia’s Minister of State for Finance and Economic Cooperation, Admasu Nebebe, and a number of officials from both countries in the Ethiopian capital, Addis Ababa.

Al-Nowais said the agreement, which is a continuation of the memorandum of understanding signed between the two parties in July, is to implement directives issued by Sheikh Mohammed Bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi, to strengthen cooperation and build strategic partnerships with various countries across the world.

The UAE official stressed that the agreement sets a financial and technical framework that provides a package of facilities that contribute to creating new jobs and enhancing the role of women in economic fields, as well as its role in supporting and promoting development efforts in the poorest regions of Ethiopia.

READ: UAE seeks $2bn in international loans

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AfricaEthiopiaMiddle EastNewsUAE
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