Ethiopia gets $100mn loan from UAE-based KFED to strengthen trade

Ethiopia has recently received a loan worth USD 100 million from the Khalifa Fund for Enterprise Development.

The loan provided by the Khalifa Fund for Enterprise Development will be utilized to implement home-grown economic reforms, inspire innovation and help SMEs etc. The current agreement is intended to boost trade, increase investment and develop cooperation between two countries.

The loan agreement has been signed between the Chairman of Khalifa Fund for Enterprise Development (KFED), Hussain Jasim Al Nowais and Ethiopia’s Ministry of Finance, Ahmed Shide.

Ethiopia received around USD 100 million assistance in August 2019 for job creation and reducing unemployment. The current loan agreement has become possible after the Nobel Peace Laureate and Prime Minister of Ethiopia, Abiy Ahmed visited the United Arab Emirates.

On the other hand, apart from Ethiopia, Mozambique has also signed a MoU worth USD 25 million with KFED with an objective to support innovation and entrepreneurship projects for women and the youth.