Lebanon is the latest economy in the southern and eastern Mediterranean region (SEMED) to join the European Bank for Reconstruction and Development’s (EBRD) Star Venture programme.
The initiative provides innovative start-ups with tailored advisory services to unleash their potential. Five enterprises were selected from Lebanon’s start-up scene to join the Star Venture programme’s growing cohort of high-potential early-stage companies across Egypt, Jordan, Tunisia and the Western Balkans. The companies come from a broad range of sectors, including educational technology, cloud computing and sustainable fashion.
Ines Rocha, EBRD Director, SME Finance and Development, said: “We are proud to launch the Star Venture programme in Lebanon today and welcome its new cohort of start-ups catalysing digital transformation. It has already supported more than 200 early-stage companies in other countries and helped start-ups develop their potential, drive strong results and kick-start their internationalisation. This support comes at a crucial time as start-ups adapt their business models to the challenges of the Covid-19 crisis.”
Since the start of its engagement in Lebanon, the Bank has invested €775 million in the country, supporting private sector development, promoting sustainable energy and enhancing the quality and efficiency of public service delivery. Supported by the European Union, the Bank’s Advice for Small Businesses programme has helped transform more than 130 small and medium-sized enterprises in Lebanon.