In line with its plan to support the economy, Al-Mawarid Bank announces the first pilot project in Lebanon under Circular 331 put forth by Lebanon’s central bank, which aims to encourage banks to invest in start-ups in the knowledge economy sector. This initiative is part of the bank’s CSR program, entitled “YOUTHinc.”, that supports entrepreneurs.
“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 determined to effectively contribute to the Lebanese economy, support the young generation and stimulate the establishment of start-up 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,” says Marwan Kheireddine, chairman and general manager of Al-Mawarid Bank, adding that: “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.”
“Al-Mawarid Bank’s confidence in us and our resources, as well as its faith in our vision, have given us hope and motivation to hold on to our project, which we are looking forward to improve well beyond our users’ expectations. Presella looks to provide digital service that will facilitate the lives of users by offering them a wide range of cultural and social events and entertainment, in addition to selling tickets on a safe online platform,” says Presella’s representative, Walid Singer.
On the same note, former minister of telecommunications, Nicolas Sehnaoui says: “Circular 331 paves the way for Lebanon to become the Silicon Valley of the Middle East one day, which means the reduction of the brain drain effect of the Lebanese youth.”
