The final recommendations of the workshop on ‘‘Regulating the Legal and Banking Framework with the Participation of the Private Sector and International and Local Financing Institutions’’ held in Tripoli from 14 to 16 May were issued yesterday.
The organisers said that after reviewing the workshop topics and completing the technical presentations, working sessions, mutual discussion, and effective dialogue of the various issues and questions raised during the workshop, the following recommendations were made:
First – The necessity of concerted efforts of all relevant national bodies, including public institutions and bodies specialized in formulating and implementing economic policies, companies, businessmen, and actors and economists in order to exploit promising opportunities to advance and increase the industrial sector and its contribution to economic activity and achieving sustainable development.
Second – The necessity of developing and preparing the investment environment and improving the conditions for carrying out economic activities to attract more national and foreign investments and benefit from financing opportunities from regional and international funding institutions.
Third – Review and update the legal framework and amend project legislation, administrative systems and procedures in force in charge of working requirements at the national and international levels.
Fourth – Activating domestic finance and lending systems, modernization of the banking system, developing its services and evaluation at the level of performance and expansion of its participation in the financing of industrial projects and facilitating banking procedures.
Fifth – Bridges of communication with regional and international funding institutions, especially those Libya is a member of, and invite to work in the Libyan market and increase financial allocations finance industrial projects in Libya.
Sixth – Activating the work of the Real Estate Registry and reviewing the organized real estate legislation that allows registering real estate guarantees.
Seventh: Raising the standard of finance and investment institutions and the development of cadres and human resources and lifting the ability to adopt international standards and practices and to complete their functions efficiently and professionally.
Seventh – Development of insurance and reinsurance companies and linking them with international insurance companies and encouraging modern products and solutions in the field of guarantee and securing foreign investment and financing countries.
Eighth – Providing the necessary incentives and guarantees and simplifying procedures for transferring funds, investments and loans granted by regional and international financing institutions and ensuring their retrieval and re-transfer abroad in the same form received.
Nineth – Encouraging national companies, entrepreneurs, and project owners to communicate with international financing institutions in order to establish a partnership with them and benefit from the financing and loan opportunities they provide and from their extensive experience in establishing and managing development projects.
