Berytech receives support from the Lebanon Central Bank and provides job opportunities to the youth

An Nahar newspaper published an interview with Paul Shukrallah, Berytech’s responsible, who clarified that the institution was created in 2001 with the main aim of curtailing immigration of the youth and limiting brain drain through facilitating the set up of private companies.

Shukrallah noted that memorandum # 331 issued by the Lebanon Central Bank allocates an amount of USD 440 million in support of investments in emerging companies in Lebanon, through funding support provided by  various institutions including Berytech. This memorandum did not specify any set conditions or a definite action plan, and, thus, Berytech continues to work according to its original action plan.  He added that Berytech is supporting innovators in many fields, while aiming to create a favorable environment for innovators to enable them to start their enterprises and for young people to kick off their businesses. Berytech also helps young people in managing businesses, adding that Berytech currently hosts some 70 to 80 companies distributed in various centres within and outside Beirut. Finally, Shukrallah noted that Berytech moved beyond its initial work priority which was defined in 2008 and which focused essentially on ICT initiatives, to included trade and commerce, and that new premises set up in 2012 on Beshara el Khoury Street in Beirut are now totally occupied by new innovative companies.

Source: Al-Nahar 24 April 2014