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Cisco Announces $10 Million Investment to Support Job Creation and Economic Development in the Palestinian Territories
Commitment Aims to Encourage Investment in Palestinian Economy and Population
| Source: Cisco
RAMALLAH, WEST BANK--(Marketwire - January 29, 2008) - Cisco (NASDAQ : CSCO ) today announced an
investment of $10 million to seed a sustainable model of job-creation and
economic development in the Palestinian Territories. The three-year
investment, made in cooperation with the president of the Palestinian
Authority, Mahmoud Abbas, represents Cisco's continued commitment toward
building stronger and healthier global communities through strategic social
investments.
"Education and the Internet are the great equalizers and vital to a
sustainable, productive economy that increases the standard of living for
all," commented Cisco Chairman and CEO John Chambers. "It's a core part of
our culture to give back, but it's also a core strategy of what drives our
success in the regions of the world where we do business. We make all our
business decisions with 3-5 years in mind and given our strong business
momentum in the region, it's only appropriate to make this investment into
its economy and its people."
"One of our key priorities is to build a market economy in close
cooperation with the private sector. We commend Cisco for its commitment
to helping us accomplish this goal, and look forward to working together
toward enhancing the social, economic and education opportunities for the
people of Palestine. This contribution, we hope, will help prosperity and
peace in the region," said Palestinian President Mahmoud Abbas.
Key aspects of the commitment include a multi-million dollar venture
capital investment targeted at high-potential small businesses throughout
the region, as well as the development of training programmes for critical
information communications technology (ICT) skills. In the future, Cisco's
intention is to engage in a multi-stakeholder collaboration to encourage
further inward investment into the Palestinian economy from local, regional
and global organizations.
Chambers added, "As we execute against this commitment over the coming
years, our hope is also to create a catalyst of active engagement and a
call to action for others across the public and private sector to
contribute toward a diverse and sustainable economic model for the region."
For more information on Cisco's global development and corporate social
responsibility initiatives, please visit
http://www.cisco.com/web/about/citizenship.
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