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          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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          Azerbaijan, Iraq discuss prospects of relations

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            Iraq set to award new Faw Port deals

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            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

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            Miral’s premier Abu Dhabi waterfront project work on track

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              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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              JGC lands $3.7bn Iraq refinery upgradation project deal

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              France to help Iraq generate electricity, will invest in education, science: Macron

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              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

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                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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                UAE sends medical aid to Iraq to fight COVID-19

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                UAE launches phase III trial of inactivated Covid vaccine

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                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

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                Qatar’s hospitality sector peaks despite turbulent 2020

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                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

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                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Over 40 Lebanese SMEs to get equity financing

              businessnews.com.lb

              June 10, 2015
              in Finance, IT & Telecom
              0

              More than 40 Small and Medium Enterprises (SMEs) in the technology sector are in the pipeline to receive equity funding from banks, according to the Central Bank (BDL). Investments in technology startups have exceeded the $200 million mark since the issuance of Circular 331 by BDL, in 2013.

               

              BLC Invest plans to invest $6 million in eight technology companies. “We have studied five companies and are awaiting BDL’s approval. In the meantime, we are reviewing three other companies to submit later,” said Fouad Rahme, BLC Invest’s General Manager. Rahme did not mention the name of the applicant companies, but said that their activities include “video-on-demand, augmented reality, software development, applications, healthcare, e-commerce, and services.”

              “Banks are following up new funding requests by these SMEs, very seriously,” said BDL Governor Riad Salameh. The Central Bank’s strategy is to create more synergy between the financial sector and other sectors, especially the technology sector,” he said.

              Circular 331 stipulates that BDL will guarantee 75 percent of any bank’s equity investment in a technology company.

              BDL also backs local accelerators, such as the UK-Lebanese Technology Hub, launched by the British Embassy. Fifteen knowledge industry startups will be selected this year to travel to London, where they will have the opportunity to develop their products, meet professionals, explore potential venture capital partnerships, and pitch for investment.

              According to Salameh, more than 100 applications have been received by this Technology Hub. “This is very promising, bearing in mind that this accelerator only began operating two months ago,” he said.

              More than 300 companies are involved in the Information and Communications Technology (ICT) sector, with more than 7,000 highly skilled human resources, according to the Ministry of Economy and Trade (MoET), which estimates this sector to be worth $570 million by 2017.

              “ICT is a fast growing sector and is mostly dominated by SMEs engaged in the development of software products and mobile applications,” said Jassem Ajaka, Economic Affairs Adviser at the MoET. “Lebanon is emerging as a leading exporter of software products and services. This should give us the incentive to further enhance the entrepreneurial ecosystem and increase investment to develop the sector’s infrastructure,” he said.    

              businessnews.com.lb
              10 June

               
               
               
               
               
               
               
               
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