Banks in Lebanon reopen amid security increase

Protesters shout slogans outside Lebanon’s Central Bank in Beirut. (Reuters/File)
Updated 19 November 2019

Banks in Lebanon reopen amid security increase

  • Two security guards will be placed in front of each bank, and security patrols will be conducted in cities

BEIRUT: Banks in Lebanon will reopen on Tuesday after the Association of Banks in Lebanon approved measures to ease the anger of depositors and customers. 

More than 3,000 members of Beirut’s police, the regional gendarmerie, the judicial police, and the information division of the Internal Security Forces will provide protection to banks and their employees, who carried out an open strike for a week.

They did so due to customers’ anger over measures applied by banks on withdrawals and transfers amid Lebanon’s severe political and economic crisis, which sparked mass protests that have been ongoing for 33 days.

Two security guards will be placed in front of each bank, and security patrols will be conducted in cities.

The Association of Banks in Lebanon decided on Sunday to “stop restrictions on new funds transferred from abroad, provided that remittances abroad only cover urgent personal expenses.”

It also decided to lift restrictions on the circulation of checks, transfers, and the use of credit cards in Lebanon. 

As for the use of credit cards abroad, ceilings are determined by agreements between banks and customers.

The association has determined a maximum cash withdrawal rate of $1,000 per week for holders of current accounts in dollars, while checks issued in foreign currencies will be transferred into their account.

It has also urged customers to “use their credit cards, especially in Lebanese pounds, to buy their needs.”

Meanwhile, protesters are preparing to block roads leading to Parliament in the heart of Beirut on Tuesday, to prevent a legislative session from taking place. The session had already been postponed for a week.

In an attempt to placate protesters, the presidential palace’s media office said the president has ordered investigations into “financial crimes, waste, forgery, money laundering and suspicious transactions,” as well as “negligence at work, promotion of counterfeit medicines and suspicious reconciliation contracts.”

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A project helps Syrian entrepreneurs in four countries escape the shadow of war

Updated 5 min 5 sec ago

A project helps Syrian entrepreneurs in four countries escape the shadow of war

  • Start-ups are offered competitions, bootcamps and training programs
  • 'Spark' has been running an entrepreneurship program for five years

CAIRO: The Startup Roadshow was founded in 2018 to help Syrian refugees and expats in four different countries: Lebanon, Iraq, Turkey, and Jordan.

It was established when Spark, a Dutch organization supporting youth projects all over the world, reached out to Jusoor.

“We have been running our entrepreneurship program for five years, and we’ve been running training boot camps and competitions for Syrian startups,” said Dania Ismail, board member and director of Jusoor’s Entrepreneurship Program.

“We have also developed our own proprietary training curriculum, which is tailored to Syrian entrepreneurs, in the region and around the world.”

Spark sought out Jusoor to create a project to support Syrian entrepreneurs in those four countries, later bringing on Startups Without Borders to handle the competition’s outreach, marketing and PR.

“We came up with this idea where a team of trainers, facilitators, and mentors would move from one city to another because it’s hard for Syrian youth to travel around. So, we decided to go to them,” said Ismail, a Syrian expat all her life.

The competition goes through five cities: Beirut, Irbil, Amman, Gaziantep and İstanbul.

The boot camps last for five days in each city, and throughout the Roadshow, 100 entrepreneurs will undergo extensive training and one-on-one mentorship to develop their skills and insights into the business world.

“We have five modules that are taught on different days. Then, the pitches are developed, practiced and presented,” Ismail, 39, said.

“In each location, we pick the top two winners — in total, we’ll have top 10 winners from each city.”

The top 10 teams pitched their ideas live in front of a panel of judges, at the second edition of Demo Day 2019, which was held in Amman on Nov. 4.

The best three Syrian-led startups won cash prizes of $15,000, $10,000, and $7,000, respectively.

They also had the opportunity to pitch their business ideas during Spark Ignite’s annual conference in Amsterdam. The competition aims to give young Syrians the hard-to-get chance to secure a foothold in the business world.

“We’re trying to empower young Syrians who are interested in the entrepreneurial and tech space. We want to empower them with knowledge, skills and confidence to launch their ideas,” Ismail said.

Despite the limited duration of the Roadshow and the lack of financial aid, the people behind the program still do their best to help all applicants.

“We try as much as possible to continue supporting them on their journeys with mentorship, advice and connections through our very large network of experts and entrepreneurs,” she said.

Jusoor’s efforts to help Syrian youth do not stop at the Roadshow, and the future holds much in store for this fruitful collaboration.

“We’re expanding our entrepreneurship program, and our next project will be an accelerator program that will continue working with a lot of the promising teams that come out of the Startup Roadshow,” Ismail said.

“We want to provide something that has a partial online component and a partial on-ground one, as well as an investment component where these companies receive funding as investment, not just grants and prizes,” she said in relation to the second phase of the Entrepreneurship Program, which is launching in 2020.

Ismail said: “The Roadshow was created so that Syrian youth can have the chance to change their reality, becoming more than victims of an endless war.

“The competition gives them the tools to become active members of society, wherever they may be, contributing to the economies of those countries.

“Once you’ve built up this generation and given them those skills and expertise, they’ll be the generation that comes back to rebuild the economy in Syria, once things are stable enough there.

“We hope that a lot of these young entrepreneurs the Startup Roadshow was able to inspire, train or help will be the foundation for the future of a small- to medium-sized economy inside Syria.”

 

• This report is being published by Arab News as a partner of the Middle East Exchange, which was launched by the Mohammed bin Rashid Al Maktoum Global Initiatives and the Bill and Melinda Gates Foundation to reflect the vision of the UAE prime minister and ruler of Dubai to explore the possibility of changing the status of the Arab region.