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Press Conference circular 331 - 12-06-2014
AL-MAWARID Bank S.A.L., the First Bank to Invest in Startups under Circular 331
Beirut, June 12th, 2014: In line with its plan to support the economy, AL-MAWARID Bank held a press conference at the Four Seasons Hotel on Thursday June 12th 2014, to announce the first pilot project in Lebanon under Circular 331 put forth by Banque du Liban, which aims to encourage banks to invest in startups in the knowledge economy sector. This initiative is part of the bank’s CSR program titled “YOUTHinc.” which supports entrepreneurs.

The press conference was attended by Chairman-General Manager of AL-MAWARID Bank H.E. Mr. Marwan Kheireddine, H.E.Mr. Nicolas Sehnaoui, the executive director of Banque du Liban, Mrs. Marianna Hoayeck, Presella’s representative, Mr. Walid Singer, as well as a large number of entrepreneurs, fund managers, and journalists.

Commenting on the occasion, H.E. Mr. Marwan Kheireddine said: “We are very proud to be the first bank to launch the pilot project under Circular 331, as it sets a precedent in the ecosystem of entrepreneurs and the evolution of banks as a whole. We are determinedto effectively contribute to the Lebanese economy, support the young generation and stimulate the establishment of startup companies, as they are the backbone of the economy and the main creators of jobs, all of which will positively limit and reverse the current brain drain that Lebanon is facing. When these young minds have a solid platform and the appropriate support, they would be able to play and compete on a global level.” He added: “We are confident that our investment in Presella will be a successful one which will generate employment opportunities, and we only hope other banks will be encouraged to follow suit.” He concluded: “Investing in Presella will not be our last, as we plan to further invest in startups and investment funds in the digital sector,” hoping that “this step forms a successful and solid relationship between banks and startups, filled with positivity for the youth and the economy alike.”

H.E. Mr. Nicolas Sehnaoui declared: «Circular 331 paves the way for Lebanon to become theSiliconValley of the Middle East one day, whichmeans the cease of the brain drain effect of the Lebaneseyouth ».