Crown Prince Foundation, UAE Khalifa Fund sign MoU

The Crown Prince Foundation (CPF) on Tuesday signed a Memorandum of Understanding (MoU) with the Khalifa Fund for Enterprise Development (KFED) on promoting cooperation between the two parties to support innovation and develop the business sector in Jordan in line with the national strategies of both countries.

According to the MoU, which was signed in Abu Dhabi by CPF Chairman of Board of Trustees, Fawaz Hatem Zu’bi and KFED’s Chairman, Hussain Jassim Al Nowais, the CPF will receive a total amount of $100 million in payments that will be granted as soft loans to entrepreneurs and startups and their micro, small and medium development projects.

Both institutions will work during the coming period to identify practical mechanisms for implementing and managing the funding in an institutional manner to ensure the achievement of the desired results, and reach the target groups of young men and women in the impoverished areas in Jordan.

Zu’bi said the MoU comes is in line with the Crown Prince Foundation’s policy, which aims to strengthen partnerships with various Arab and international organizations, in a way that provides Jordanian youth with development opportunities that meet their aspirations and enhance their leadership role in social and economic development.

KFED’s Chairman said his fund, through this MoU seeks to boost cooperation with regional and international institutions that support entrepreneurship and micro, small and medium enterprises, among which is the CPF.

Source: Jordan News Agency