Tripoli, 26 December:
The Central Bank of Libya has announced that it has initiated the process of joining the convention of the . . .[restrict]European Bank for Reconstruction and Development (EBRD), following the GNC approving the move.
The convention aims at providing technical support for countries experiencing economic and infrastructure transition. The EBRD has financed more than 3700 projects worth in excess of 245 billion Euros.
Under this initiative, the EBRD would also be providing expertise and technical assistance in infrastructure development and the adoption of standards of governance in the fight against corruption, in addition to achieving sustainable development projects, the CBL said.
The most important reason for the CBL joining this convention, the CBL said in its statement, is to reverse Libya’s international isolation in the sector that was imposed on Libya during the era of the former regime, as well as allowing Libya the opportunity of taking advantage of the EBRD’s direct and indirect project financing services.
The CBL’s Information Office added that what is important for Libya was not the securing of funding, but rather the process of directing and financing projects .
Libya will also benefit from the experiences of the EBRD in several areas, including: privatization programmes and competitivenesss, the adoption of a strong and effective governance system, the implementation of the necessary structural reforms, the support and development of the private sector and the support and development of the banking sector.
The CBL Press Centre pointed-out that such support and other benefits that would be gained by the Libyan state, come as part of Libya’s contribution of 1.7 million Euros to the bank’s capital, which represents about 986 shares in the bank. The CBL pointed out that this was a Libyan-owned contribution and not a subscription fee, and that Libya would expect a return on such a contribution. [/restrict]