Dec 03 2011 |
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Abraaj, Cisco, EIB Launch $50M Fund To Support Lebanese SMEs -Report
Saturday, Dec 03, 2011
BEIRUT (Zawya Dow Jones)--Riyada Enterprise Development, a unit of U.A.E.-based Abraaj Capital , U.S.-based Cisco Systems , and the European Investment Bank have announced the launch of a $50 million fund to provide long-term capital to small and medium-sized enterprises, or SMEs, in Lebanon, pan-Arab Al Hayat daily reports Saturday.
The fund aims to invest in 13 to 15 Lebanese SMEs that are expected to achieve remarkable growth with the potential to expand regionally and globally, the fund's founders said, according to the paper.
The daily cites Lebanon's economy and trade minister Nicolas Nahhas as saying that the creation of such funds is in line with his ministry's plan to support the development of local SMEs.
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
(END) Dow Jones Newswires
03-12-11 1103GMT
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