Link: http://www.globes.co.il/serveen/globes/docview.asp?did=1000609595&fid=1725
Story: Cisco to invest $5m in Palestinian investment fund
Middle East Venture Capital Fund seeks to enhance the information and communication technology sector and creating jobs in the West Bank.
20 December 10 11:55, Shmulik Shelah
Three years after Cisco Systems Inc. (Nasdaq: CSCO) chairman and CEO John Chambers pledged to invest $10 million in the Palestinian Authority, he has won recognition for his efforts. On Friday, he was awarded the Award for Corporate Excellence (ACE) by Secretary of State Hillary Clinton for Cisco’s “efforts to connect the Israeli and Palestinian economies and people, and engaging in initiatives to enhance technical capacity, connectivity and education, as well as creating opportunities for women and youths in Israel and Palestine.”Chambers announced the extension of its existing Palestine commitment with a planned $5 million investment in the Middle East Venture Capital Fund (MEVCF). MEVCF is focused on enhancing the information and communication technology sector and creating jobs in the West Bank by investing and helping to establish export-oriented, high-growth Palestinian high-tech companies.
Cisco’s Palestinian engagement includes engineering project collaboration between Cisco Israeli and Palestinian software development companies Exalt Technologies Ltd., Asal Technologies Ltd., and Global Software Services Inc. (GSSI), venture capital investments in high-potential small businesses throughout the region, and training programs that support the development of high-tech skills.
Cisco has also invested $2.5 million in Nazareth and Nazareth Illit’s digital cities project and the Mediterranean Young Technology Club (MYTecC).
Published by Globes [online], Israel business news – www.globes-online.com – on December 20, 2010
Comments and Learning: Corporate initiatives like this show that investments can be made in some of the most troubled parts of the world with an intention of creating hope and opportunities for people who live there. This initiative though might work/fail but showing great courage and foresight through this initiative will definitely help Cisco in the long run.
-Altaf Hajiyani
Corporate Entrepreneurship Blog 