ACCESS TO FINANCE IN LIBYA: LIBYAN BANKS ENGAGE ON €74 MILLION FOR BUSINESS DEVELOPMENT

//ACCESS TO FINANCE IN LIBYA: LIBYAN BANKS ENGAGE ON €74 MILLION FOR BUSINESS DEVELOPMENT

ACCESS TO FINANCE IN LIBYA: LIBYAN BANKS ENGAGE ON €74 MILLION FOR BUSINESS DEVELOPMENT

Tripoli, 4 October 2017 – On the 4th of October 2017 in Tripoli, 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 Mr. Ahmed Maitieg, Libya Deputy Prime Minister, and Mr. Johannes Hahn, European Union Commissioner for European Neighbourhood Policy & Enlargement Negotiations. Mrs Bettina Muscheidt, the Ambassador of the European Union to Libya, and Mr Al-Hadi Al-Taher Al-Juhaimi, Minister of Planning, also attended the meeting.

More precisely, they worked on different instruments on SMEs financing in Libya: how to inject more liquidity into Libyan economy, the reactivation of the National Credit Guarantee Fund, and the creation of an Islamic compliant microcredit product.

According to EU Commissioner Mr. Johannes Hahn “Europe has a long history of close ties, and cooperation with our neighbours in the South and in particular with Libya. I am proud that the European Union, in this project implemented by Expertise France, contributes to supports SMEs and create livelihoods in Libya. Not only does Libya need a strong entrepreneurial spirit, but it also requires strong institutions, which have the courage to break new ground and create the conditions in which the private sector can thrive.”

According to Libyan Deputy Prime Minister, Mr. Ahmed Maitieg “Libya needs strong economic programs so Libya can overcome the political problems that effects the Libyan citizens”

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 LYD120 million to boost Libyan growth

6 Libyan banks –Waha Bank, Assaray Bank, Jumouhria Bank, Alsahari Bank, the National Commerce Bank and Al Wahda Bank – together with SLEIDSE programme, signed an Memorandum of Understanding to express their engagement to provide 120 million of Libyan dinars – equivalent to €74 million – to businesses in Libya during until 2018. These funds will be allocated as standard and subsidized loans to inject liquidity into Libyan businesses. This memorandum shows the strong momentum for enterprise development in Libya, with the support of 6 among the biggest banking players in Libya.

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