The Khalifa Fund for Enterprise Development, which is backed by the government of the emirate of Abu Dhabi, recently announced that its November 2014 agreement to loan USD 200 million to the government of Egypt has been activated. The loan is intended to fund microfinance programs that contribute to the creation of “100,000 projects”[2] and “120,000 job opportunities”[3] in Egypt by 2020.
Mr Hussain al Nowais, the chairman of Khalifa Fund, reportedly stated that “this Agreement clearly indicates the extent of keenness of the leadership in the United Arab Emirates to enhance and deepen the channels of cooperation and mutual relationships with Egypt, confirming that the leadership attaches great importance to development projects that realize economic and social benefit to the Egyptian citizens”.
Khalifa Fund was established by the government of Abu Dhabi with total capital of AED 2 billion (USD 545 million) in 2007. As of December 2013, the fund’s operational project portfolio included 222 projects that created 2,916 new jobs during 2013.
By Ananya Tiwari, Research Associate
[2] Reuters, http://af.reuters.com/article/commoditiesNews/idAFL6N0TE2BX20141124
[3] The National, http://www.thenational.ae/news/world/middle-east/gcc-support-shows-region-has-a-stake-in-egypts-crisis
MicroCapital, December 6, 2014, “UAE’s Khalifa Fund for Enterprise Development Loans $200m to Egyptian Government for Microfinance,” https://www.microcapital.org/microcapital-brief-uaes-khalifa-fund-for-enterprise-development-loans-200m-to-egyptian-government-for-microfinance/
MicroCapital, December 2, 2014, “4th Global Islamic Microfinance Forum Hosted by AlHuda Center of Islamic Banking and Economics, Concludes with Release of “Road Map of Industrial Promotion,” https://www.microcapital.org/microcapital-brief-4th-global-islamic-microfinance-forum-hosted-by-alhuda-center-of-islamic-banking-and-economics-concludes-with-release-of-road-map-of-industrial-promotion/
MicroCapital Universe Profile: Khalifa Fund for Enterprise Development, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Khalifa+Fund+for+Enterprise+Development
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