Ramzan Kadyrov, President of the Chechen Republic hosted a delegation from Khalifa Fund for Enterprise Development lead by H.E. Hussain Jasim Al Nowais, KFED Chairman in the capital Grozny and lauded the friendly relations and fruitful cooperation between the Chechen Republic and the United Arab Emirates, and the success of these relations that support shared interests in various fields.
Ramzan Kadyrov, President of Chechnya said: “Zayed Fund for Innovation and Entrepreneurship, established by Khalifa Fund for Enterprise Development in Chechnya, is one of the most effective means to promote sustainable development and economic diversification, which is vital for the country’s economic stability."
President Kadyrov, expressed his appreciation and gratitude to His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for his keenness to support and nurture the cooperation between both countries.
His Highness Sheikh Mohamed bin Zayed Al Nahyan had assigned Khalifa Fund for Enterprise Development to work with the Chechen Government to jointly establish a similar institution to support and develop entrepreneurship and SME creation with a capital of USD 50 million, with the aim of developing small and medium enterprises in Chechnya and to support its economy.
H.E. Hussain Jasim Al Nowais, Chairman of Khalifa Fund for Enterprise Development, said: " Zayed Fund, launched by Khalifa Fund last year in the Chechen capital under the guidance of the UAE’s wise leadership, aims to spread the culture of innovation and entrepreneurship among the Chechen community, thus ensuring high growth rates in the local economy.
H.E. added that Zayed Fund will work through its various programs to empower Chechen youth, to enable them to contribute effectively to economic progress and to help them build a sustainable knowledge based economy.
Furthermore, H.E. Al Nowais attended a meeting of the Board of Directors of Zayed Fund in the presence of H.E. Muslim Khoshaif Prime Minister of Chechen Republic and H.E Hasan Khakimov, Deputy Prime Minister of Chechnya and Chairman of the Zayed Fund for Innovation and Entrepreneurship, which reviewed the achievements of the Fund during the past one year and discussed future plans.
The meeting also discussed the annual plan of initiatives and funding for 2019 and analysed the various challenges that hinder the progress of work and necessary plans to overcome them.
H.E. Al Nowais revealed that Zayed Fund has been able to accomplish some promising achievements in a short period of time, as a number of projects have been approved which set to contribute to supporting and enhancing the performance of Chechen economy in the future. In addition, the Fund successfully organized a number of training courses in the field of entrepreneurship and innovation.
H.E. added that approvals for financing of projects under Zayed Fund program will increase in the coming year, as there are many ideas deserves analysis and financing after they meet the criteria set up by the Fund. H.E. also pointed out that the work approach of Zayed Fund is inspired by Khalifa Fund’s approach which is based on the four pillars including training, guidance, financing and support.
The establishment of Zayed Fund for Innovation and Entrepreneurship comes in line with the directives of the wise leadership, and form part of the efforts by both parties to further enhance cooperation and strengthen the existing relations between the UAE and the Republic of Chechnya in various fields.