File - Lebanon’s Central Bank.
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Seven months after Lebanon's Central Bank announced that it would set aside $400 million for startups, the program is in full swing with the bank touting the initiative to encourage budding businesses and with local venture capital firms using it to fund new Lebanese technology companies.In compliance with the Central Bank initiative it would invest $250,000 to $5 million in 15 to 20 companies.The Central Bank circular 331, announced in August, aims to give a boost to local startups, giving them a greater incentive to set up shop in Lebanon, keeping their talent and money at home, by making funding more easily available. The $400 million in this new initiative is 75-percent guaranteed by the BDL for local banks, equity investment accelerators, incubators, funds and startups.
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