Kuwait's National Fund for SME Development and UAE's Khalifa Fund for Enterprise Development (KFED) signed on Saturday a MoU bolstering bilateral cooperation in supporting small and medium enterprises or SMEs. KFED's CEO Abdullah Al-Darmaki told KUNA that for the past eight years KFED has been goading UAE youth to tap the private sector to start their business ventures there through easy term loans from KFED.
He said today's MoU signing augments efforts by Gulf countries to encourage young entrepreneurs to take the plunge into starting their own small and medium size businesses.
Further, he said KFED has a capital of two billion Emirati Dirham and focuses its business on giving Emiratis loans to start SMEs, especially to those whose loan requests have been turned down by banks.
In that sense, KFED has so far funded no less than 1200 SME projects in the UAE, and seeks to do more of that in Kuwait in view of today's signing of the MoU.
The signing of the MoU came on the sideline of a meeting of the Higher Advisory Board of the National Fund for SME Development which has KFED as a board member.
National Fund Chairman Dr. Mohammad Al-Zuhair told KUNA about the importance of developing the country's entrepreneurial culture and encouraging and supporting small and medium enterprises in Kuwait.
He added that the Fund's main objectives are to increase SME participation in the economy and help create a business-friendly environment for small and medium enterprises and Kuwait's entrepreneurs.