Once again, the Association of Banks in Lebanon actively took part in a major Startup conference in November 2014 with the participation of hundreds of professionals and CEOs of companies from over 20 countries.

Sponsored by the Central Bank, the conference, entitled Accelerate 2014, received wide media coverage and was hailed as a landmark achievement for Lebanon despite the mounting tension in the region and political stalemate in the country.

Among the key financers of Accelerate 2014 was ABL which injected $465,000 into the event to guarantee its success and to demonstrate that startup companies have a promising future in Lebanon, provided that the necessary support was made available by all the concerned parties.

This is not the first time ABL participated in an event like this but what is important about this conference is that it focused on the startup companies and firms that are involved in high tech industries, a topic which is close to the heart of the association of banks.

Lebanese banks, with the full support of the Central Bank, have endeavored to assist startup companies through venture capital program.

Banks also extended easy credit facilities to companies through the Central Bank program that aims to assist Startup firms.

Circular No. 331, which was issued by the Central Bank in August 2013, encourages commercial banks to invest in startups.

The Central Bank will guarantee up to 75 percent of the value of these commercial bank investments in the capital of startups that meet the determined criteria.

Dr. Francois Bassil, the president of ABL, was one of the main speakers in Accelerate 2014 and has repeated the banks’ support for businesses and innovations in the country.

In his speech, Bassil underscored the paramount role the Lebanese banks play in creating jobs and contributing to economic growth in Lebanon.

Bassil also praised Circular 331, saying that a number of venture capital firms had established funds that had raised considerable amounts of money, which would be invested in startups in the information and communications technology sector and in other creative industries.

“Such funds have already received investment commitments from six Lebanese banks, but more are expected to participate in the coming future,” he said.

It is worth noting that has extended billions of dollars of loans to the private sector and this massive injection was the major factor which helped businesses grow and prosper for many years.

In addition to Central Bank governor Riad Salameh and Bassil, the conference was attended British Ambassador to Lebanon Tom Fletcher.