The Central Bank of Libya’s (CBL) Institute of Banking and Financial Studies, in cooperation with Expertise France, organized a workshop today entitled “The Role of the Banking Sector in Diversifying Sources of Finance” at the Marriott Hotel in Tripoli.
The keynote speaker was CBL Governor, Saddek El-Kaber, in the presence of the Minister of Local Government, the European Union ambassador to Libya, representatives of each of the ministries of Local Government, Planning, Finance, and Economy, in addition to the presence of representatives from the United States Agency for International Development (USAID), the United Nations Development Programme (UNDP), and the Islamic Development Bank, with the participation of heads of councils. commercial bank departments, general managers, and several relevant institutions and agencies.
The workshop discussed the announcement of the measures and decisions taken by the CBL to support the business and investment environment in Libya, strengthen the micro, small and medium enterprises sector, and activate the role of the private sector in development.
The two-day workshop also aims to stimulate technological innovation in the banking field to enhance monetary policy, enhance financial inclusion services in Libya, and improve the efficiency of the banking sector through developing skills and applying international standards. It also aims to encouraging investment in partnership between the public and private sectors (PPP) in the areas of green, blue and clean economies.
Islamic Development Bank and Economic Empowerment Fund
During the workshop, the launch of the Economic Empowerment Fund was announced in cooperation between the CBL and the Islamic Development Bank, with the contribution of several state institutions. The specialized team presented an overview of the fund, its objectives, its work mechanism, and the role of each institution in its success.
The Fund plans to begin its work by financing micro, small and medium enterprises during the second half of 2024, which aims to provide job opportunities for youth and women, and meet the ambitions of entrepreneurs and develop their capabilities.
