In an effort to boost the Lebanese economy, mobile operators MIC 1 and MIC 2, have launched a new $48 million telco fund, MIC Ventures, with a view to investing in local ICT and telco startups.

Launched this week at the Grand Serail under the auspices of Lebanon’s Council of Ministers, the fund comes as part of a wider effort to support and foster what Minister of Telecommunications, Jamal Jarrah, describes as an increasingly rich pool of local entrepreneurial talent.

The fund will also provide startups with a lab in which they will be able to showcase their products and projects and will in turn be coached on how to promote, market and sell.

MIC 1 and MIC 2 has a 50 percent stake in the fund, providing $24 million across the first four years – news that has already been received well by Lebanon’s entrepreneurial scene.

“The echoes we have so far are very positive,” explained CEO of Alfa, which manages MIC2, to Wamda. “MIC 1 and MIC 2 are offering startups a market of four million users to test their products, which is very essential.”

MIC Ventures fund manager, Khaled Zeidan, revealed that the investment ticket is currently at around $2 million per startup, but also confirmed that the amount could change on a case-by-case- basis.

The announcement comes off the heels of the Investment & Development Authority in Lebanon launching the Business Support Unit, which aims to aid startups with information, advice and licensing support.