Lauded for Good Corporate Citizenship for Helping the Underserved and Reconnecting the Israeli and Palestinian People and Economies; Extends Commitment to Palestine With Plans to Invest $5 Million in Middle East Venture Capital Fund
Submitted by Cisco Systems, Inc.
(Marketwire) - At a ceremony held today in Washington, DC, Cisco Chairman and CEO John Chambers was presented with the prestigious Award for Corporate Excellence (ACE) by U.S. Secretary of State Hillary Clinton. Cisco (NASDAQ: CSCO) was recognized for its 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.
The ACE is presented annually to recognize the vital role U.S.-owned businesses play in exhibiting good corporate citizenship, innovation and advancing democratic principles around the world.
"We are honored to receive the ACE for contributing to the development of a sustainable, technology-based economy in Palestine, while also helping to reconnect the Israeli and Palestinian people," said John Chambers, Cisco Chairman and CEO. "Giving back is not only the right thing to do - it's also good for business, and the private sector has the potential to play a powerful role in this effort through innovative models of multi-stakeholder partnership. By harnessing the power of the network, Cisco and its partners across business, government and the community have begun to build an ecosystem for ICT entrepreneurship that will create jobs, increase wealth and contribute to stability in the region."
Chambers also highlighted 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 (ICT) sector and creating jobs in the West Bank by investing and helping to establish export-oriented, high-growth Palestinian ICT companies.
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