UAE, Chechnya Explore Economic Cooperation

President Ramzan Kadyrov of the Chechen Republic has received a delegation from Khalifa Fund for Enterprise Development, KFED, led by Hussain Jasim Al Nowais, Chairman of the Fund, and lauded the friendly relations and cooperation between the Chechen Republic and the UAE, and the success of these relations that support shared interests in various fields.

GROZNY, (UrduPoint / Pakistan Point News / WAM - 26th Dec, 2018) President Ramzan Kadyrov of the Chechen Republic has received a delegation from Khalifa Fund for Enterprise Development, KFED, led by Hussain Jasim Al Nowais, Chairman of the Fund, and lauded the friendly relations and cooperation between the Chechen Republic and the UAE, and the success of these relations that support shared interests in various fields.

"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 said.

He 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 cooperation between both countries.

His Highness Sheikh Mohamed bin Zayed had assigned Khalifa Fund to work with the Chechen Government to jointly establish a similar institution to develop entrepreneurship and Small and Medium Enterprises, SMEs, creation with a capital of US$50 million, with the aim of developing SMEs in Chechnya and to support its economy.

In turn, Al Nowais 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.

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He added that Zayed Fund will work through its various programmes to empower Chechen youth, and enable them to contribute effectively to economic progress and help them build a sustainable knowledge based economy.

Al Nowais also attended a meeting of the board of Directors of Zayed Fund in the presence of Muslim Khoshaif, Prime Minister of Chechen Republic, and 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.

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 organised a number of training courses in the field of entrepreneurship and innovation.

He added that approvals for financing of projects under Zayed Fund programme 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. He 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.