More funds available to innovative startups

The Central Bank (BDL) announced that banks are now allowed to dedicate to the creative and knowledge sector, according to Circular 331, four percent of their capital. This is compared to three percent previously.

Riad Salameh, Governor of the Central Bank, said that the purpose of the BDL initiative is to build a sector that will create employment opportunities. “It will foster efficiency and competitiveness within the economy,” he said.

Reported by Derek Issaacs