The Tripoli based Libyan government signed a Memorandum of Understanding (MoU) with the World Bank in Washington, D.C., with the aim of enhancing technical and advisory support and institutional capacity building in Libya.
This memorandum, the Tripoli government said, is the culmination of the meeting between the Prime Minister, Abd Alhamid Aldabaiba, and the Vice President of the World Bank for the Middle East and North Africa, Othman Dion, in February 2025.
The MoU, which is a significant step towards resuming direct cooperation between Libya and the World Bank after more than a decade of hiatus, the Tripoli government said, aims to support Libya in the areas of fiscal reform, digital transformation, strengthening the private sector, improving the business environment, in addition to empowering Libyan youth through training and qualification programs and providing employment opportunities within the World Bank institutions.
The MoU was signed by the Chairman of the Executive Team for the President’s Initiatives and Strategic Projects and a member of the Board of Directors of the Libyan Investment Authority (LIA), Mustafa Al-Mana, in the presence of several officials, including the Minister of Oil and Gas in charge Khalifa Abdel Sadeg, the Director of the Financial Institutions Department at the Ministry of Finance and the Deputy Governor of Libya at the World Bank, the Undersecretary of the Ministry of Economy and Trade, the Chairman of the Board of Directors of the Holding Company for Renewable Energies, in addition to several representatives of the Ministries of Finance, Economy and Oil and the National Economic and Social Development Board (NESDB).
The high-level Tripoli based Libyan government delegation was in Washington DC taking part in several high-level meetings with US government, businesses and trade associations on the margins of the 2025 World Bank IMF Spring Meetings.
On the World Bank side, Vice President Othman Dion attended, along with several regional directors specialized in the areas of human development, sustainable development, digital transformation, and the International Finance Corporation (IFC).
In his speech during the meeting, the Tripoli government reported, Dion expressed his happiness with the reopening of the World Bank’s office in Libya, stressing that the Bank seeks to support Libya in its transition to sustainable development.
