USAID and Berytech launch a USD 15 million-worth investment fund

Within the framework of the investment initiative in the MENA region funded by USAID, and for the purpose of contributing to limiting high unemployment rates in the region, creating new job opportunity, boosting sustainable social development and economic growth, USAID and Berytech jointly launched the “Insure and Match Capital” initiative in the presence of US Ambassador David Hill, Vice Assistant to the USAID Director, Mona Yacubian, USAID director in Lebanon, Caroline Bryan and Berytech’s president Maroon Shammas. The investment fund amounting to USD 15 million will spread over three years and will include three key components, namely supporting investment, guaranteeing the rights and interests of investors, and technical support. In his speech during the opening, Shammas noted that despite the significant efforts exerted during the past few years, there is still a gap in key components required by business people in Lebanon to allow them to start their businesses. He added that the collaboration with USAID will assist in invigorating the Lebanese economy, limit migration, create job opportunities and will provide skills and potentials for innovators to launch their businesses. The director of Insure and Match Capital, Nicolas Ruhana, stated that the new project will go beyond financing and will include capacity building, orientation as well as creating business development networks. (Al Mustaqbal, 16 April 2015)