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

In February, the UAE Fund opened a regional innovation and entrepreneurship hub with a focus on Kenyan business.

According to the fund funded by Abu Dhabi State, Kenyan Youth Enterprise Development Fund would be used to route the funds.

According to the addition, the funds would aim to give promising start-ups and entrepreneurs early-stage capital. Whether the capital is a donation or a loan was not immediately evident.

KFED quoted "In order to provide over 13,000 work possibilities for Kenyan youth, more than 3,000 initiatives will be funded, with 40% of those projects being assigned to women."

According to the fund's website, loans of Sh40.8 billion have been disbursed (1.32 billion AED). In order to finance youth-owned firms, the Kenyan Youth Enterprise Development Fund was formed in 2006.

A finance deal worth Dh110 million ($30 million) has been signed between Kenya's National Treasury and Planning Ministry and Khalifa Fund for Enterprise Development to strengthen the Kenyan Youth Enterprise Development Fund, according to a statement from KFED.

The agreement was signed in the presence of Kenyan President Uhuru Kenyatta by Alia Al Mazrouei, CEO of KFED, and Ukur Kanacho Yatani, Cabinet Secretary, National Treasury and Planning Ministry. Its goal is to support entrepreneurship and the growth of small and medium-sized businesses in Kenya.

In 2007, the Abu Dhabi government launched the Khalifa Fund with a $545 million ($61.9 billion) financial commitment.

"We seek to support the Kenyan government efforts to achieve economic development through improving the SMEs sector, fostering the entrepreneurial culture among young, and empowering women," stated Alia Al Mazrouei, chief executive officer of KFED.