Libya’s Minister of Economy and Trade, Mohamed Al-Hwej, held a meeting Thursday with the heads of the ministry’s affiliated bodies and agencies to discuss SME development.
Stock Exchange for SMEs
During the meeting, the obstacles and difficulties facing small and medium enterprises in various regions were discussed, and developments in the adoption of the Small and Medium Enterprises Stock Exchange proposed by the Council of Ministers.
Credit Guarantee Fund
The attendees reviewed several proposals to develop the performance of the branches and offices of the National Program for Small and Medium Enterprises in cooperation with the Credit Guarantee Fund in supporting and activating microenterprises and contributing to the development of remote areas.
Banking and non-bank financing tools
The Minister stressed the development of a strategy based on financing micro-projects through banking and non-bank financing tools. He also directed the Privatisation and Investment Board (PIB) to list the approved investment projects that have not started their activity.
Minister Hwej also instructed prioritising approving investment projects for the development of the southern region in addition to projects for the construction of refineries for petroleum products.
The meeting included the Undersecretaries of the Ministry for Economic Affairs and Free Zones, the Chairman of the Board of Directors of the Public Authority for Investment Promotion and Privatization Affairs, the General Manager of the National Program for Small and Medium Enterprises, and the General Manager of the Credit Guarantee Fund, in the presence of the directors of the legal departments, companies and the trademark office of the ministry.
