The Khalifa Fund for Enterprise Development (KFED), which is backed by the government of the Emirate of Abu Dhabi has announced its first investment in Kenya to the tune of $30 million (Sh3.57 billion). 

The UAE Fund in February established a local innovation and entrepreneurship centre with an eye on Kenya deals. 

The Abu Dhabi Stated-backed fund said the capital would be channelled through the Kenyan Youth Enterprise Development Fund. 

The funds will target to provide early-stage funding to promising start-ups and founders, it added. It was not immediately clear whether the capital is a loan or a grant. 

“More than 3,000 projects with 40 percent allocated for women will be financed and expected to generate nearly 13,000 job opportunities for the Kenyan youth,” said KFED. 

The fund says on its website that it has disbursed loans amounting to Sh40.8 billion (1.32 billion AED). 

Orginal Article Link: https://www.businessdailyafrica.com/bd/markets/capital-markets/uae-fund-unveils-sh3-5bn-investment-deal-in-kenya-3907686