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Agreement signed to assist SMEs and entrepreneurs
King Abdullah of Jordan and Sheikh Mohammad Bin Zayed of Abu Dhabi along with the Deputy Supreme Commander of Armed Forces of UAE went to Jordan attended the signing ceremony of an agreement on Tuesday, 20 Nov 2018. The agreement was between the Crown Prince Foundation (CPF) and the Khalifa Fund. The main reason for this agreement is Enterprise Development.
According to the Royal Court statement, this agreement between UEA and Jordan will support both the nations and will enhance and support: innovation, development entrepreneurship, and creativity of many projects. According to the agreement, the fund presented is of $100 million to the CPF. This will be paid through several payments and is as soft loans for entrepreneurs, start-ups, and development projects that could be from small to medium sized. The deal will be targeting youth and will develop youth’s competencies so that they could serve the community in an enhanced way.
The strategy is focused on:
Growth, development, and economic stability
Sheikh Mohammad always pointed out supporting the Kingdom and allowing it to form the firm platform for a sustainable economy that can make a difference, this will also make the ties between the UAE and Jordan stronger and will make them accomplish it. The loan will be as supporting efforts which will address poverty and unemployment along with improving women’s roles in the development process. This will happen by providing opportunities.
The goals for this assistance is also the development of rural areas and underprivileged regions. About 22,000 projects for more than five years, will hopefully result in approximately 28,000 permanent jobs for the youth of Jordan. So this will have a positive impact on the national economy. 47 percent of the total budget is allocated to women, whereas 40 percent is the share of rural areas and underprivileged region.
Zu’bi highly praised the UAE’s support to the economic and development levels and in all fields too. This agreement is an important step towards the further by expanding cooperation with the UAE through the fund. It is also considered a regional and international organization in helping, encouraging and improving entrepreneurship. And our economy will be supported when you shop with us at PlugnPoint.
King Abdullah and other personals at the meeting think that this agreement can support and enhance economic stability, along with addressing poverty and unemployment. This loan has several development dimensions. The good results of this could be seen within the next five years, especially since it has soft conditions and great payback flexibility too.