Central Bank sets rules for incubators and accelerators. Knowledge economy to account for five percent of GDP by 2030

Incubators and accelerators are allowed to invest only up to five percent in the capital of each startup company that benefits from their support, according to a circular by the Central Bank (BDL) issued recently.

"BDL is keen to determine the goal of each investor in startups," said Marwan Mikhael, Head of Research at Blominvest Bank. "Instead of having high shares in a target company and provide it with a priority, BDL considers that incubators and accelerators should be neutral and ser...

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Primary surplus in public budget. Debt to GDP is declining, but more reforms are needed

The banking sector has been a main support to finance the State's needs and reduce the burden of high public debt, according to the Ministry of Finance (MoF).

Banks have foreign currency reserves worth $65 billion, representing 93 percent of the total public debt. "These reserves exceed the State's debt in foreign currency by two times and a half," said Alain Bifani, Director General of the MoF. He said that banks are financing 88 percent of the State's debt.

The fiscal deficit ha...

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Lebanon tops Arab world in financial secrecy. It mixes secrecy with big tax exemptions

The Tax Justice Network (TJN) said it has ranked Lebanon first in the Arab world and seventh globally in the 2015 Financial Secrecy Index (FSI).

"Lebanon has sailed against the prevailing winds on global financial transparency and continues to make secrecy a core selling point," according to TJN, which describes itself as "a coalition of researchers and activists focused on the harmful impacts of tax avoidance, tax competition and tax havens."

Lebanon has a very high secrecy score,...

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Alpha banks still growing at a slower pace. Tough operating environment puts pressure on assets, loans and deposits

Alpha banks, the first 14 banks with deposits exceeding $2 billion each, have reported a slowing activity this year, according to the Alpha report issued by Bankdata Financial Services.

Consolidated assets grew by 2.6 percent over the first nine months, against 6.6 percent during the same period last year. Domestic assets grew by three percent, while foreign assets rose by 1.1 percent. Out of total activity, 80 percent was tied locally and 20 percent abroad, as of the end of September, th...

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Bank account hacking on the rise. Lack of awareness is cited as the cause of most cases

The number of cybercrimes through online banking accounts has increased from one case in 2011 to 63 today, according to the Special Investigation Commission (SIC) of the Central Bank (BDL), which said that the stolen amounts range between $1,500 and $2 million.

"Cybercrimes are not individual cases, but rather happen through well connected criminal organizations or criminals aware of where to carry out their hacking," said Abdul Hafiz Mansour, Secretary of the SIC. "Lebanon is a free eco...

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Zero interest loans for eco-friendly plants. Three plants to start benefiting

An agreement was signed on November 6 between the Central Bank and the Ministry of Environment (MoE) to give low-interest loans to industrialists who will apply environmentally friendly standards.

The agreement is part of the World Bank-funded Lebanon Environmental Pollution Abatement Project (LEPAP). The project, which is valued at $18 million, gives companies incentives to reduce their carbon footprint. The loans have a near zero interest rate.

The ministry has so far accepted p...

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Bank Audi plans to expand foreign footprint. Eyes UK and sub-Saharan countries

Bank Audi is planning to have its foreign entities constitute 60 percent of its consolidated activity. Around half of the bank's activity has been derived from its entities outside the local market.

Freddie Baz, Group Strategy Director and Vice Chairman, said: "Our aim is to make Audi's share in the local market between one third and 40 percent of the total group profile." The goal behind this is to expand the bank's portfolio outside and reduce the impact of the local bank's results on ...

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