The Minister of Finance of the Tripoli based Libyan government, Khaled Mabrouk, signed a letter of understanding last Thursday with the Director-General and Chairman of the Board of Directors of the Arab Fund for Economic and Social Development (AFESD), Badr Al-Saad, regarding providing emergency aid from the Fund to relieve residents affected in eastern Libya by Storm Daniel.
The agreement was signed in a meeting organized on the sidelines of the 2023 Annual Meetings of the World Bank and the International Monetary Fund currently being held in Marrakesh, Morocco,
The meeting was regarding the conditions regulating the provision of emergency aid in the amount of 3 million Kuwaiti dinars, equivalent to 10 million US dollars, from the Fund to relief residents affected by the floods that occurred in eastern Libya.
Libya’s debts to the AFESD discussed
The issue of Libya paying its arrears in the AFESD’s capital, as well as the issue of settling the balance of loans and late interest in favour of the AFESD on the General Electricity Company of Libya with a sovereign guarantee by the Libyan government, were also discussed during the meeting.