The Mohammed Bin Rashid Innovation Fund [MBRIF], an initiative launched by the UAE Ministry of Finance to support nationwide innovation, today announced it has guaranteed AED 2.5 million in funding support to Avani Eco Middle East, as part of its Guarantee Scheme.
Avani Eco Middle East is a UAE-based company which uses technology as a solution to combat the global epidemic of plastic pollution. It provides game-changing compostable bioplastic made from cassava starch and a full range of sustainable food packaging and hospitality products made from renewable resources. From its headquarters in Dubai Science Park, Avani Eco will use the funds secured with MBRIF’s guarantee, to localize its manufacturing in the UAE and further its research and development.
Commenting on the announcement, a statement from the Ministry of Finance said: “As part of its commitment to the Sustainable Development Goals, the UAE Government wants to ensure sustainable development while preserving the environment and to achieve a perfect balance between economic and social development. We see clear synergies in this and the vision set out by Avani Eco Middle East in their quest to remove the scourge of discarded plastics and the devastating impact this can have on the world around us.
“In line with our vision at MBRIF to nurture nationwide innovation, we envisage that our support to Avani Eco will contribute to the protection of our environment while ensuring the UAE continues to lead the way when it comes to developing and implementing the very latest, cutting-edge sustainable solutions.”
Founded in 2014, Avani Eco produces 100% biodegradable eco-friendly products (zero plastic), such as bags, cutlery, cups, packaging and straws. Using groundbreaking technology, they replace otherwise disposable plastic products, which take hundreds and even thousands of years to be decomposed naturally, by using renewable resources made from plants.
Peter Avram, CEO of Avani Eco Middle East, said: “We are delighted to receive this support from MBRIF as we look to build on the incredible success we have attained since our formation to save our planet from this plastic plague. We are fully committed to delivering the most economical and best-in-class eco-friendly products from our base here in the UAE.”
In June, the Environment Agency – Abu Dhabi (EAD) brought in a ban on single-use plastic bags across the Emirate, based on its integrated single-use plastic policy that was introduced in 2020; while in Dubai, the Executive Council confirmed that a charge of 25 fils would be applicable for single-use plastic bags from July 1 2022. According to statistics from the EAD, 11 billion plastic bags are used in the UAE each year, roughly three times the global average.
Over the years, MBRIF’s Guarantee Scheme has played a vital role in facilitating innovators with unique access to affordable debt finance without giving up equity.
For more information about The Mohammed Bin Rashid Innovation Fund, please visit: https://mbrif.ae/
About the MBRIF:
The Mohammed bin Rashid Innovation Fund (MBRIF) is a federal initiative launched by the Ministry of Finance and is operated by Emirates Development Bank. Since its launch in 2016, the MBRIF has supported innovators through its first program, the Guarantee Scheme, which offers members access to affordable funding through a government-backed guarantee and without taking equity.
The MBRIF’s second program, the MBRIF Accelerator, was launched in December 2018. Aligned with the UAE National Innovation Strategy, the initiative aims to enhance growth potential of innovative businesses shaping the future of UAE’s economy. The MBRIF Accelerator offers world-class services and coaching to member companies to accelerate their business, elevate capabilities, unlock value and achieve scale.
Additionally, the MBRIF partners with the public and private sector to help facilitate growth, provide support, create opportunities and pave the way to success for its member companies in the UAE. For more information, please visit: https://www.mbrif.ae/
*article was taken in full from https://www.zawya.com/