LIBYAN BANKS ENGAGE ON 100 MILLION LD FOR SME DEVELOPMENT

//LIBYAN BANKS ENGAGE ON 100 MILLION LD FOR SME DEVELOPMENT

LIBYAN BANKS ENGAGE ON 100 MILLION LD FOR SME DEVELOPMENT

On 4th of August 2017 in Tunis, public authorities, businesses and international donors gathered in order to explore the ways to improve access to finance for entrepreneurs in Libya with the presence of the Ambassador of the European Union, and present their work on the National Guarantee Fund, credit mediation, crowdfunding and microfinance products in Libyan context.

According to Bettina Muscheidt, the European Union Ambassador to Libya, “In Libya, the future is just waiting like a sleeping beauty to be waken up. I would like to pay tribute to the genuine interest of the young generation and your positive energy. One day, you will be looking back at this time, and you will understand that your engagement was part of the new Libya, of having turned around the curse of your country. You have understood that you hold the future in your hands. The European Union is very proud to stand by you on this occasion.”

According to Libyan Minister of Economy, Dr. Nasser Fadalla, “The diversification of Libyan economy will be based on SMEs. The more SMEs we will have, the more young people will leave the battlefield and go back to work. We are really keen on using all the expertise and skills to strengthen the diversification of the economy and bring a better income to Libyan. It is paramount of the future of a strong Libya.”

The event, organised by SLEIDSE programme, aimed to tackle the wider issue of business support and development in Libya. SLEIDSE programme is a programme funded by the European Union and implemented by Expertise France to develop entrepreneurship in Libya, with the aim of providing jobs and livelihood to Libyan youth.

Libyan banks pledge 100 million Libyan Dinars to boost Libyan growth

4 Libyan banks –Waha Bank, Assaray Bank, Jumouhria Bank and Islamic Bank of Libya – together with SLEIDSE programme signed a Declaration to express their engagement to provide 100 million Libyan dinars – equivalent to €63 million – to businesses in Libya during until 2018. These funds will be allocated as standard and subsidised loans to inject liquidity into Libyan businesses. This Declaration shows the strong momentum for enterprise development in Libya, with the support of 4 among the biggest banking players in Libya.

According to Alexandre Chatillon-Mounier, SLEIDSE Director, “Today we took a major step towards the reconstruction of Libyan economy. As access for finance gets easier for enterprises, growing becomes affordable for them, and more and more entrepreneurs will be able to participate and distribute the benefits of growth and jobs”.

No comments yet.

Leave a comment

Your email address will not be published.

%d bloggers like this: