The Libyan British Business Council (LBBC) reported yesterday that its member, Libya’s Albaraka Insurance Company, has signed a Memorandum of Understanding with United Insurance Brokers Limited (UIB), Libya’s Renewable Energy Holding Company (REHC), and the Renewable Energy Authority of Libya (REAOL) to develop comprehensive insurance and reinsurance solutions for renewable energy projects in Libya.
The MoU is designed to facilitate project financing by ensuring that developments meet the insurance requirements of lenders, financial institutions, and export credit agencies — helping to boost investor confidence and unlock both local and international investment in Libya’s growing renewable energy sector.