AREA 2071, i-Dubai Lab launch micro-credit pilot projects for startups

UAE -   AREA 2071, the innovation ecosystem of Dubai Future Foundation (DFF), and its partner P&G’s i-Dubai Lab have launched three micro-credit pilot projects to support emerging technology companies.

Through these pilot projects, AREA 2071 will benefit from its global partnerships to find innovative solutions for emerging companies that cannot borrow in their early stages to develop their businesses, according to a recent press release.

Meanwhile, the projects will connect financing institutions with these businesses to finance their expansion.

The three projects were selected among 152 applicants to a programme launched by AREA 2071 in November 2019, in partnership with i-Dubai Lab Innovation Centre at the global Procter and Gamble company.

The programme aims to find innovative micro-credit solutions that enable emerging companies across several sectors to achieve financial stability to expand their businesses.

The technology startups chosen to launch the pilots are Next Billion, SwipeZoom, and Hello Gold.

The Deputy CEO of the Dubai Future Foundation, Abdulaziz AlJaziri, said: "The P&G Microcredit Challenge has opened the doors for startups to co-create high impact solutions with a leading global FMCG to impact millions of people across the emerging markets."

The CEO of P&G Middle East, East & West Africa and General Export Markets, Omar Channawi, commented: "Our partnership with AREA 2071 enables us to take full advantage of the latest technologies from across the world. This supports our vision for financial inclusion for small-scale retailers."