On 18th October 2016 in Tunis, a series of workshop brought together Libyan and international economic players to discuss about how to improve access to finance for micro, small and medium enterprises (MSMEs) in Libya.
Topical round-tables tackled these critical issues:
- The current situation of private sector financing in Libya, involving high-level officials from the Ministry of Economy of Libya, OECD, the World Bank, and Libya Enterprises, and private sector players such as MSMEs representatives, and private banks.
- The sharing of best practices in private sector financingfrom Morocco, France, and Islamic finance players.
At the end of the workshop, an open discussion took stock of these debates and identify with all stakeholders a series of concrete actions to be rapidly initiated and conducted in the medium term.
Many Middle East and North African countries have succeeded in channeling bank financing to MSMEs by setting up a formal credit agency, which Libya tried in 2008 when establishing the Libyan Guarantee Lending Fund under the oversight of the Ministry of Economy and Support, and Libya Enterprise. However, to date, this experience has shown limited results and does not meet the needs of the private sector, which would be a key trigger towards sustainable economic recovery.
“We sincerely hope that this workshop will be a solid contribution to far-reaching decisions, and that it will trigger a momentum for the development of private sector in Libya”, says Alexandre Chatillon-Mounier, Director of SLEIDSE programme.