An EU-funded program to support the private sector in Lebanon was launched on Wednesday, the National News Agency reported.
The Technical Assistance Facility (EU TAF) for the Lebanese Private Sector was launched during a virtual conference that included industrialists and representatives of various universities, syndicates, NGOs, investors, and other stakeholders.
According to a statement released during the event, the program focuses on leveraging the capabilities of the productive sectors in Lebanon by supporting innovation and diversity and expanding the scope of growth at the national and international levels.
With the help of the Vienna-based consultant, Hulla & Co Human Dynamics, the project works directly and individually with companies in domains such as agri-food, healthcare, and information technology and telecommunications.
The goal of this cooperation, according to the statement, is “to overcome many of the challenges and obstacles that these companies face in spreading innovation, improving competitiveness, and diving deeper into domestic and international markets.”
The support program is designed in a way that makes it possible to target each company individually in a manner that is specific and adaptable to its individual growth plans.
Companies eligible to benefit from the program will be selected through an open mechanism. 16 companies have already started to benefit, and 2 more selection rounds will take place this year.
Applications for the next rounds will open in mid-April and in October respectively.
During the conference, José Luis Vinuesa Santamaria, Head of the Economy and Local Development Department of the EU Delegation to Lebanon, emphasized the importance of the private sector for the economy.
He said that supporting Lebanon’s private sector “occupies the priorities of the European Union, especially in the current challenging environment. The technical support program we are launching today is a great example of that support.”