ABU DHABI, In the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Dr. Ali Mohammed Shein, President of Zanzibar, the Khalifa Fund For Enterprise Development, has signed a Memorandum of Understanding, MoU, with the Ministry of Finance and Planning of Tanzania to provide AED36.8 million (US$10 million) towards the development of micro, small and medium-sized enterprises in Zanzibar.

The MoU was signed by Hussain Jasem Al Nowais, Chairman of Khalifa Fund for Enterprise Development and Mohammed Ramia Abdiwawa, in the region.

The project mirrors the UAE's commitment to contribute actively to the government's efforts to promote economic and social development in fraternal and friendly countries and to boost economic and social stability. It also emphasises the strong bilateral relations between the two sides.

He added that the Fund supports entrepreneurship and enables entrepreneurs to establish their micro, small and medium enterprises to contribute to a stable and balanced economy that promotes economic development in Zanzibar.

Al Nuwais said, "The MoU signed today articulates the active role of the UAE and Khalifa Fund in promoting sustainable development. Khalifa Fund supports various development programmes prioritised by the Zanzibar Government to improve the region's healthcare sector and accelerate sustainable development.

"The agreement will provide funding for about 2,000 expected projects to contribute to creating more than 9,000 new jobs for young people in Zanzibar in the coming period."

He also noted that 35 percent of the targeted projects will be for women, while the remaining will be available to all categories of citizens, especially those living in remote and poor areas. The agreement aims to enhance the living conditions of about 14 per cent of vulnerable sections in Zanzibar, he pointed out.

Al Nowais stressed that the Khalifa Fund was committed to take all necessary measures to implement the subsidised projects and supervise and work to provide corrective measures in case of this, as well as provide the required technical support and expertise.

He also stressed the importance of efforts between the two parties to provide an opportunity for young people and women to achieve their aspirations, through private projects that contribute to the economy of Zanzibar and developing poor areas across Zanzibar.

Source: Emirates News Agency