Abu Dhabi : The Khalifa Fund for Enterprise Development signed here on Sunday a $25 million agreement with the Mauritanian Deposit and Development Fund.

The agreement, signed in the presence of Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohamed bin Zayed Al Nahyan and Mauritanian President Mohamed Ould Abdel Aziz, is aimed at providing support for micro, small- and medium-sized enterprises in Mauritania.

The agreement, signed by Chairman of Khalifa Fund for Enterprise Development Hussain Jasim Al Nowais and Director General of the Deposit and Development Fund Jekana Mohammado Yousef, stipulates for the disbursement of the amount in equal installments over the next five years.

After the signing ceremony, Al Nowais said the agreement is a testimony to the strong fraternal ties between the United Arabs Emirates and Mauritania as it provides a financial framework to support the efforts of Mauritanian government towards promoting a culture of entrepreneurship and supporting micro, small- and medium-sized enterprises. The agreement is also aimed at creating new job opportunities to the Mauritanian youth.

For his part, Yousef praised the support provided by the UAE to Mauritania in various fields, especially in the areas of enabling the youth and women to engage in their country’s economic development.

Since its inception in 2007, the Abu Dhabi-based Khalifa Fund for Enterprise Development has become one of the leading institutions aimed at instilling a culture of entrepreneurship and supporting SMEs in the UAE.

The Fund has financed more than 1,400 projects within the country. Its successful experience has been transferred to Egypt, Chechnya, Jordan and Belarus through pioneering financing programs directed toward strengthening government efforts in these countries to achieve sustainable development and build a diversified and stable economy.

—AB/UNA-OIC