BEIRUT: Commercial banks should think beyond short-term profits and endorse the Central Bank’s initiative to support startups in Lebanon, according to a report by Responsible Business magazine.
The report examines the role of banks in leveraging economic and social development, creating jobs and supporting innovation.
According to the report, the Central Bank’s circular 331, which provides incentives to banks to make equity investments in startups or venture capital funds, would stimulate GDP growth in the long run.
The report said the circular, if properly endorsed by banks, would create an environment supportive of entrepreneurship that would eventually benefit society.
Responsible Magazine is issued by CSR Lebanon, an independent consulting firm that seeks to promote corporate social responsibility, sustainable business strategies and reporting.
CSR Lebanon was officially appointed by the United Nations Global Compact to launch their local network in Lebanon by 2014.
A version of this article appeared in the print edition of The Daily Star on April 12, 2014, on page 4.