Telecom and technology startups will benefit from a new fund worth 48 million dollars, established in partnership with the government and the Investment Development Authority of Lebanon (IDAL), in order to support their development and pushing them forward.
If you ask any Lebanese economic expert about the role of startups company in the country, he would say that it is capital to its development, particularly for the digital sector. Obviously, Prime minister Sadda Hariri agrees with this idea as he unveiled the creation of a new 48 million dollars fund to support startup companies involved in technology and software programming.
“We will continue to work on implementing essential projects for the country.” He declared during the project’s launch ceremony. The government intends to work hand in hand with IDAL and local telecom operators Touch and Alfa, for the settlement and managing of this project.
IDAL also created a Business Support Unit aiming at enhancing and promoting investments in Lebanon. The national authority wants to turn the country into a key destination attracting more foreign fresh capitals, which is important to ensure a good growth for startups.
Moreover, Sadd Hariri expressed gratitude toward The Chinese companies that participated in the establishment of the fund by bringing technical support.
Discover out our latest videos about the economic news in Lebanon: