World Bank to support Lebanese entrepreneurs…

To support Lebanon’s small and medium-sized enterprises (SMEs), the World Bank has extended a $30 million, 17-year soft loan to Kafalat, the government-sponsored loan guarantee company. With this loan, Kafalat will be responsible for setting up a fund to support financing of SMEs, as Khater Abi Habib, chairman of Kafalat, mentioned in an exclusive Q&A with Executive back in November. In addition to providing bank loan guarantees, Kafalat will now also be granting up to $25 million in equity capital to SMEs as well as up to $2.5 million for entrepreneurs working on new ideas. To qualify for financing from this fund, the entrepreneurs would need to have secured funding from a private sector investor such as angel investors or venture capital firms. The remaining $2.5 million are destined for management expenses as well as training and marketing activities.  …and the European Union too Also looking to support the country’s