$48M MIC Ventures telco fund launched to boost ICT startups in Lebanon

MAGNiTT News wamda.com - 2 years ago - Tue, Feb 20, 2018, 6:02 AM

$48M MIC Ventures telco fund launched to boost ICT startups in Lebanon
Author: MAGNiTT

By Rana Freifer / Wamda - Image Credit: Wamda 

 

SOURCE: Wamda - $48M MIC Ventures telco fund launched to boost ICT startups in Lebanon


MIC Ventures, a $48 million telco fund initiated by MIC 1 and MIC 2, the two mobile operators in Lebanon managed by Touch and Alfa, was launched today at the Grand Serail, under the auspices of the Council of Ministers.

The fund aims at investing in local ICT and telco startups to help them boost the Lebanese economy. The fund extends over seven years.

Prime Minister Saad Hariri said that the government’s role is to find solutions to retain Lebanese youth and prepare the grounds for their development.

Jamal Jarrah, Minister of Telecommunications said that Lebanon is rich in terms of creativity and innovation and the government’s objective is to support these talents, and provide youth with opportunities that match their skills to prevent brain drain. “We will also provide startups with a lab to expose and showcase their products, and we will help them promote, market, and sell these products.”

 

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