Posted on 10/05/2017

Stimulating the role of small and medium-sized businesses in the development of the economy of the Chechen Republic is the most important task facing the leadership of our region. It is the development of small and medium-sized businesses that can provide socio-economic stability in the Chechen Republic for many years.

We are very pleased that thanks to the efforts of the Head of the Chechen Republic, Hero of Russia Ramzan Akhmatovich Kadyrov, we succeeded in attracting our partners from the UAE and with the participation of the Khalif Fund to create the Sheikh Zayed Fund for the Support of Entrepreneurship and Innovation in the Chechen Republic.

The Board of Directors of the Fund, which includes four representatives of the Emirate Fund Khalifa, approved its development strategy and defined areas of activity for the next five years. The proposed financing products take into account the needs of local business and allow entrepreneurs to receive financing at a reduced interest rate of 11% per annum, with a grace period of up to 12 months and flexible collateral requirements. I would like to especially note that the Zayed Fund will become one of the pioneers in the sphere of providing entrepreneurs of the Chechen Republic with access to Islamic financial products on the principle of partnership participation.

Special attention should be paid to the Fund's training program, which is an integral part of its strategy. For entrepreneurs, special courses will be organized in all key areas necessary for the successful organization and conduct of business.

In general, we are confident that the Fund's activities will be successfully integrated into the ecosystem of business support in the Chechen Republic and will significantly increase the share of small and medium-sized private enterprises in the total economic activity of the region.