The Governor of the Central Bank of Libya (CBL), Saddek El-Kaber, signed a memorandum of understanding yesterday with Mohammed Al-Jasser, the Chairman of the Islamic Development Bank Group (IsDB), to establish the National Fund for Economic Empowerment.
The agreement to establish a specialized development fund, the Tripoli government said, comes within the framework of an initiative to consolidate and strengthen the bonds of cooperation between Libya and the Islamic Development Bank Group.
Libya was represented in signing the agreement by the Libyan institutions concerned with the economic empowerment programme in the country, led by the Central Bank of Libya, the Ministry of Local Government and the Rural Bank, the Credit Guarantee Fund, the National Program to Support Small and Medium Enterprises, the Financial Facilities Fund, the American Chemonics Foundation, and the Expertise France, the regional office of the United Nations Development Programme in Libya, and on the opposite side the Islamic Development Bank.
The fund aims to support and finance micro, small, and medium enterprises in Libya which the CBL says is its contribution to activating the role of the private sector.
The signing took place during the IsDB’s 2024 Annual Meeting in the Saudi capital, Riyadh, in the presence of several ministers from the Tripoli based Libyan government.
The Tripoli based Libyan government’s media page added that. after its launch, the fund will contribute effectively to achieving the required level of support for the role of the private sector in the national economy, and achieving stability and sustainability within a framework that includes priority economic and social sectors in Libya.
