Launching the Regional Development and Investment Fund in Kharoub Region

27 October 2016

Representative of Shoheib: Creative and Progressive Ideas that Facilitate Funding

The Economic Forum in Kharoub Region launched today in the Omar Houri Hall at Beirut Arab University, Debbieh Campus, under the presidency of Ahmed Mohy El Din Alaa El Din, the Regional Development and Investment Fund. The fund is sponsored by the Union of Chambers of Commerce, Industry and Agriculture in Lebanon, in cooperation with the Investment Development Authority in Lebanon (IDAL), Banque Misr Liban (BML) and Beirut Arab University (BAU). Further, a strategic partnership agreement with Banque Misr Liban was announced, aiming at supporting small and medium enterprises in Kharoub Region.
The event opened with the National Anthem and the BAU Anthem, followed by a welcoming note by Rachel Saad. Next, Mr. Ahmed Mohy Eddine  Alaa Eddine gave a speech in which he praised the participation of IDAL, represented by its Chairperson, Eng. Nabil Itani. Mr. Itani “sponsored the Fund from the first day, which is to be launched today, and has added – through a personal initiative – the ideal economic zone,  a unique model to be mainstreamed to all areas in Lebanon. As such it serves as a significant factor in reformulating a firm and sustainable national relationship between Lebanese expatriates, their home towns and their partners back in Lebanon.”
In turn, Mr. Marcel Daoud, Chairperson of the Board of Directors of the Lebanese Fund for Development and Innovation, explained the function of the Fund stating that, “We hope that this Fund becomes an aid to encourage the youth to remain in Lebanon instead of traveling abroad. Thus we help the youth through our expertise to contribute to the building of our country.”
The General Executive Director of BML, Mr. Fadi Daouk, maintained that “The Region is one of the most beautiful areas in Lebanon, hence it is essential to bring it and its nature into the limelight”. He also elaborated on the nature of the work offered by the Bank, in terms of both its experiences and through its 20 branches across Lebanon.
In turn, Prof. Nehale Farid Mostafa, Dean of the Faculty of Business Administration at BAU, said that “Today we celebrate the launching of the Fund which will become a model to be followed. It aims at supporting SMEs, achieving added value, manpower, innovation and thus wealth for the community as a whole. Most of the manpower is covered through this kind of projects, which are established in the field of services, management, agriculture and minor industries. Some have turned towards computers, depending upon local resources and helping in the development of entrepreneurship.”
She pointed out that “99% of the projects in the world are SMEs, and that economic and social growth depend upon this kind of projects. It is a pioneering step in this sense.”
Eng. Nabil Itani, the General Director of IDAL, expressed his happiness at participating in this “pioneering event, namely the launching of Regional Fund for Development and Investment, which is a derivative of the Development and Innovation Fund. A distinguished initiative, it will no doubt contribute to the economic and social growth of the Kharoub Region. The region holds many competitive economic elements which qualify it to play a pioneering role in the Lebanese national economy if the adequate circumstances are established, conjoined with a vision and strategies.”
Sabra gave the speech of Mr. Mohamed Shokeir, Head of the Beirut and Mount Lebanon Chamber, hailing the “efforts exerted by Mr. Ahmed Alaa Eddine to allow this project to come into existence.” He added, “Since the Economic Forum in Kharoub Region that was held in in October 2014, Ahmed has not had a moment’s rest. He did not stop until he brought about this wonderful achievement which will bring prosperity to the people and the youth of the Region.”
The representative of Minister Akram Shoheib stressed on “The importance of SMEs which play a major role in achieving economic development in the light of a changing world order.” He reiterated “The full support for the launching of the Fund, as it provides progressive and creative ideas that can effectively contribute to the facilitation of funding. It also provides mechanisms and funding programs as well as supporting the creativity, innovativeness, entrepreneurship and technological development which will contribute to the enhancement of the role of organizations in the economic and social development of the Region.”
After signing the agreement by Prof. Amr Galal El Adawi, President of BAU, and Daoud, Prof. El Adawi gave a speech in which he welcomed everyone to the BAU campus in Debbieh, expressing his gratitude to “everyone who contributes to the advancement of the Region” and his happiness at “the initiatives that attract investments to Lebanon.”

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