The Central Bank of Lebanon organised a workshop on emerging enterprises and the knowledge economy

The Central Bank organised last week a workshop entitled “Capitalization of merging enterprises in the knowledge economy” following the newly issued decree 331 related to startup businesses.  The Chair of Central Bank, Riad Salameh, noted that the knowledge economy is becoming a key sector for the future as it contributes to the creation of new companies and consequently of new work opportunities in Lebanon.  It also contributes to improving competitiveness which is critical in overcoming negative performance of the economy especially its high debt ratio and large public deficit.  Salameh also noted that the Central Bank will be covering 75% of the investment by private banks in investment funds or in companies active in the knowledge economy.
The Minister of State, Marwan Kheireddine, noted for his part that decree 331 will actively contribute to developing and supporting start up as well as small and medium companies which are involved in the knowledge economy through providing capital funds so that they can increase and improve their production.  He also stressed that the growth of these companies will contribute to strengthening the money market.  The Minister of Communication, Nicolas Sa7hnawi, pointed out to a number of new digital initiatives, namely Beirut Angels which provided capital to three startup companies namely it3arraf, eTobb and Presella and an ICT incubator that Altcity will be launching in the first quarter of 2014.
The head of the Association of Banks in Lebanon, Francois Bassil, clarified in his address that decree 331 will allow banks and financial institutions to invest up to 3% of its own funds in startup companies and in business incubators in the knowledge economy sector.  He noted that the aim of the Central Bank is to promote the creation of new and promising start up companies so that they become SAL, which will contribute to increasing national wealth and providing job opportunities as well as strengthening the financial market.
Source: http://newspaper.annahar.com/article/93438-%D8%B3%D9%84%D8%A7%D9%85%D8%A9-%D9%84%D8%A8%D9%86%D8%A7%D9%86-%D9%85%D9%86-%D8%A7%D9%84%D8%AF%D9%88%D9%84-%D8%A7%D9%84%D9%82%D8%A7%D8%AF%D8%B1%D8%A9-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%A8%D9%82%D8%AF%D8%B1%D8%A7%D8%AA%D9%87-%D8%A7%D9%84%D8%B0%D8%A7%D8%AA%D9%8A%D8%A9">Al-Nahar, Al-Safir 23 December 2013