By Libya Herald reporter.
Tripoli, 2 September 2015:
A workshop was held today at the Tripoli Chamber of Commerce on the establishment of . . .[restrict]an investment and export guarantee fund. The event was organized by the General Union of Chambers of Commerce and the Libyan Banking Association in cooperation with the Economic Development Board.
Representatives of the Tripoli-based Salvation government, the Central Bank of Libya, the Libyan Investment Authority and the Privatization ad Investment Board and business leaders were present.
The workshop attempted to introduce the concept of an investment and export guarantee body and come up with proposals that would lead to enshrining a guarantee body into law in order to help diversify the Libyan economy and decentralize it from the dominant state sector.
This would have entailed including a greater role for local and foreign private sector investors in the Libyan economy but also solving the paradox of local Libyan banks being cash rich yet unable to lend due to the lack of legal cover to protect their loans.
Reports from the workshop said that while they considered this first meeting a start, it was felt that participants had not engaged in adequate preparation and research on the topic. [/restrict]