After Banque du Liban (BDL) launched Circular 331 in 2013, an injection of $400 million into the country’s start-ups – the digital scene began to flourish.
“Circular 331 has made more money available for start-ups, which has (as of September 2016) received $46.5 million in investment,” ZRE, a real estate development group that developed Beirut’s Digital District, General Manager Mouhamad Rabah told Al Arabiya English.
Following this, local banks in Beirut would receive seven-year interest-free credit line from BDL that can be invested into treasury bonds with a 7 percent interest rate. This will commit the bank to invest in the knowledge economy.
As of today, Lebanon is home to over 200 startups, only second behind the United Arab Emirates, with many more set to emerge. Rest