UK Lebanon Tech Hub receives $ 3.2 million from Central Bank of Lebanon
Published on: 11/07/2017
The Central Bank of Lebanon provided a fund of $ 3.2 million as an investment for the UK-Lebanon Tech Hub (UKLTH). The same amount was provided by the British Embassy in February this year, which totals to $ 6.4 million.
The funds will be used to foster the entrepreneurial ecosystem and to improve the knowledge economy in the country, said Dimitry Papadimitriou, Acting Director of UKLTH London office.
The UK Lebanon Tech Hub is an international initiative, offering several activities to support SME-s and entrepreneurship in Lebanon with the aim to increase GDP and to create new jobs in the country. It was initiated by Banque Du Liban and the British Embassy in Beirut.
It provides UK expertise and exposure to support the development of knowledge economy in Lebanon.
The UKLTH’s activities are focused around the following programs:
- Accelerator or Nucleus
It is a recently launched venture building program. The objective of the program is to offer financial support to early stage startups to turn their tech ideas into marketable products in 3 months.
The selected companies receive $ 50.000 in investment; $ 20.000 in cash and $ 30.000 in services like office space, workshops, board meetings etc.
- Capacity Building & Signposting Programme
The programme provides training and mentoring to companies, investment professionals and to banks to increase their knowledge in managing and investing in tech companies.
The signposting service helps to find the right candidates for companies to fill their positions, it makes referrals and introductions to potential partners/clients/suppliers.
- Outreach Programme
It supports the development of strategic partnerships between the UK and Lebanon and promotes entrepreneurship in Lebanese schools and universities.
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Source: UKLTH, Businessnews.com.lb