His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and President Mohamed Ould Abdel Aziz of Mauritania, witnessed the signing of agreement between the Khalifa Fund for Enterprise Development and the Mauritanian Deposit and Development Fund, today in Abu Dhabi.

The USD 25 million agreement is aimed at providing support for micro, small- and medium-sized enterprises in Mauritania.

In attendance were H.H. Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, Ali bin Hammad Al Shamsi, Deputy Secretary General of the Supreme National Security Council, Mohamed Mubarak Al Mazrouei, Under-secretary of the Abu Dhabi Crown Prince's Court and Abdullah Masoud Al Kalbani, UAE Ambassador to Mauritania.

According to the agreement, signed by Hussain Jasim Al Nowais, Chairman of Khalifa Fund for Enterprise Development and Jekana Mohammado Yousef, Director-General of the Deposit and Development Fund, the amount will be distributed in equal instalments over the next five years.

After signing the agreement, Al Nowais said the agreement is a testimony to the strong fraternal ties between the UAE and Mauritania as it provides a financial framework to support the Mauritanian government efforts towards promoting a culture of entrepreneurship and supporting micro, small and medium enterprises. The agreement is also aimed at creating new job opportunities to the Mauritanian youth.

Jekana Mohammado Yousef praised the support that the UAE has been providing to Mauritania in various fields, especially in the areas of enabling the youth and women to engage in their country's economic development.

The Khalifa Fund for Enterprise Development, which was established in 2007 in Abu Dhabi, has become one of the leading institutions aimed at instilling a culture of entrepreneurship and supporting SMEs in the UAE. The fund has financed more than 1,400 projects within the country. Its successful experience has been transferred to Egypt, Chechnya, Jordan and the Republic of Belarus through pioneering financing programs directed towards strengthening government efforts in these countries to achieve sustainable development and build a diversified and stable economy.

Source: WAM