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Emirates Development Bank approves Dh50m fund for start-ups

Fund aims to support start-ups whose ownership is over 51% Emirati

Gulf News

Dubai: Emirates Development Bank’s board of director approved a plan to launch a Dh50-million direct financing programme for start-ups and emerging companies.

The fund is to support Emiratis and provide them with funding to start their companies and develop their businesses. The bank said in a statement the programme will use the fund to provide up to Dh2 million in financing for start-ups whose ownership is more 51 per cent Emirati.

The bank also approved a Dh100-million-fund for the credit guarantee scheme to finance small and medium enterprises.