The United Nations Development Program (UNDP) has inaugurated construction work for establishing the Tripoli Center Business Incubator Building.
The UN organization said the project, named (Isnad), is the first-ever municipality-led business incubator in the country.
“The Centre will offer shared workspaces and business development services for entrepreneurs, start-ups, and organizations,” the UNDP stated on Thursday.
According to the organization, the name Isnad was collaboratively chosen through a discussion between the Tripoli-based Ministry of Local Governance, the Municipality of Tripoli, local communities, and youth, saying that it symbolizes the entrepreneurial spirit and unifying vision of the building.
The time plan for completing the project was set for the third quarter of 2023.
The UNDP said the Business Incubator will offer an enabling environment for entrepreneurs, start-ups, and creative businesses to develop business ideas in shared working spaces and take advantage of onsite business development services, assistance in registration, tailored business courses, as well as access to networks, markets, and finance opportunities.
The building was designed by three female architects, according to the statement.
“The Isnaed Business Incubator is a bold step towards decentralization and enhanced coordination between municipalities, the private sector, civil society, and the central government.”
The Minister of Local Government, Badr al-Din al-Toumi, said: “The ministry issued a resolution guaranteeing the right of municipalities to establish business incubators and small and medium enterprises, which will be the first step to support young people in obtaining job opportunities in the private sector.”
He added that they are leading international cooperation efforts, seeking the cooperation of international partners, including the European Union and the UNDP, to promote stability and local development.