Page 186 - UAE Foreign Aid Report 2022

United Arab Emirates
186
Foreign Aid Report 2022

Aid Allocation Overview

The Khalifa Fund for Enterprise Development (KFED), an respective governments of these three countries. This
emblematic representative of the UAE’s commitment demonstrates a committed approach to forge lasting,
to nurturing entrepreneurship globally, is making government-to-government relationships that go
strides in bolstering the entrepreneurial ecosystems beyond mere monetary contributions. The disbursement
of developing countries. In 2022, the entity allocated structure also reflected the fund’s balanced strategy:
AED 52.9 million (USD 14.4 million) to catalyze 65% of the financial aid was offered as grants, ensuring
entrepreneurial endeavors in three Least Developing immediate impact, while the remaining 35% was given
Countries (LDCs): Mauritania, Senegal, and Tanzania. as highly concessional loans, a testament to the fund’s
commitment to long-term, sustainable development.
Consistent with its overarching objective, every
project initiated in 2022 was designed to align Over the last five years, although KFED officially
with development-centered ambitions, specifically documented its international aid efforts in the UAE’s
supporting Sustainable Development Goal (SDG) 8, annual foreign aid report for only 2019 and 2022, its
which focuses on decent work and economic growth. combined allocations over these two years amounted
to an impressive AED 237.8 million (USD 64.7 million),
Notably, the entirety of the funding—100%— underscoring its unwavering commitment to nurturing
was directed through bilateral assistance to the entrepreneurial prowess on a global scale.

Allocation Insights

01 Industry

With an aid allocation of AED 52.9 million (USD 14.4 the backbone of the nation’s economic framework.
million), in 2022, the Khalifa Fund for Enterprise Senegal witnessed the KFED’s commitment in a
Development honed its focus on invigorating the different, yet equally impactful manner. Here, the
global Industry Sector, with a particular emphasis Fund championed the inception of a center dedicated
on the development of Small and Medium-sized to entrepreneurship and innovation, creating a hub
Enterprises (SMEs). This strategic direction was not that could not only guide budding entrepreneurs but
just an economic move, but a visionary one—aiming also stimulate innovative solutions for the country’s
to propel the three LDCs, namely Mauritania, Senegal, pressing challenges.
and Tanzania, closer to realizing their commitments to
Sustainable Development Goal (SDG) 8, which revolves Meanwhile, in the vibrant islands of Zanzibar, Tanzania,
around promoting inclusive economic growth and the KFED’s endeavors bore fruit in the form of bolstered
providing decent work for all. SMEs. Through their strategic investments and support,
the fund provided a lifeline to these enterprises, paving
In Mauritania, KFED’s intervention was instrumental in the way for increased local employment, innovation,
nurturing the local entrepreneurial spirit, facilitating the and a resilient economic fabric that bodes well for
expansion and fortification of various SMEs that act as Zanzibar’s future growth trajectory.