IslamicFinance.de

Abu Dhabi-based Khalifa Fund for Enterprise Development will provide $200 million in loans for microfinance projects in Egypt, a move it said would create more than 120,000 jobs by 2020. The UAE state investment fund has signed the loan agreement with the Egyptian government in Cairo. The loan will be directed towards microfinance development in remote and disadvantaged areas and pockets of poverty throughout Egypt. It will also help Egyptian women in rural areas find work. Egypt issued its first law regulating microfinance services last week, seeing the provision of extremely small loans could help to create jobs by giving individual entrepreneurs a start.

TheAbu Dhabi Forum on Entrepreneurship, which is organised by the Khalifa Fund for Enterprise Development, will take place at the Abu Dhabi National Exhibition Centre (Adnec) from October 7 to 9. The forum aims to highlight important projects by young entrepreneurs, support fresh and creative ideas and finance innovative business models. It addresses a diverse range of issues such as financing for small and medium enterprises (SMEs) and micro-enterprises, the evolving role of young entrepreneurs in the economy, social empowerment and numerous other advancements. The forum will also provide an opportunity to meet potential investors, clients and industry bodies and learn from their experiences in the world of business. Around 69 projects totalling Dh51.4 million have been financed by the Khalifa Fund during the first quarter of this year.