By Abdul Rahman Suagibu –
NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- The Khalifa Fund for Enterprise Development (KFED) has disclosed an operational set of standards to be followed under the recently signed Entrepreneurship Support Agreement with the Togolese Government. The strategic agreement, which was signed in March last year will provide funding assistance of over $15 million to local Small and Medium Enterprises (SMEs) in Togo; that will eventually resulting in the financing of over 3,700 projects and the opening of around 13,000 job opportunities.
The agreement was signed by Hussain Jassim Al Nowais – Chairman of KFED and Noel Bataka, Togo’s Minister of Agriculture in Lome. Under the terms of the agreement, funds appropriated for the projects will be expended equally over the next five years.
The $15 million fund is expected to help support Micro and SME projects, especially across priority segments like the agricultural and technology sectors of the country.
The agreement was signed under the guidance of Sheikh Mohamed bin Zayed Al Nahyan – Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Faure Gnassingbe – President of the Togolese Republic.
The agreement will provide funding for over 3, 700 projects, all of which are within the agricultural sector, said Al. Nowais
Al Nowais further explained that 40% of the targeted projects will be for women, while the remaining projects will be available to all categories of citizens. He also pronounced that 65% of the funding will be allocated to new projects.
“We seek to empower women and strengthen their role in Togo’s efforts to achieve sustainable development. The funding will provide available financial support in line with Togo Government’s endeavors to build a culture of entrepreneurship.
The local micro businesses and SMEs, especially those involved in the agricultural sector”, Al Nowais said.
Bataka commended on the recent agreement between Togo and the UAE, saying that he is looking forward to further strengthen their cooperation.
He also stressed that, it is a major step towards creating more robust ties with the UAE through the Khalifa fund Enterprise Development, which is one of the leading institutions tasked to promote entrepreneurship and create a stimulating environment for the SME sector.
KFED was established in twelve years ago in Abu Dhabi to help promote a culture of entrepreneurship and revamp the SME sector in the UAE to date and it has funded more than 1,600 local projects and collaborated and shared its experience with twenty countries in Asia, Africa and Europe through its funding and technical support programs.
For New Africa Business News Abdul Rahman Suagibu Reports, Africa Correspondent
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