The Libyan Business Council (LBC) reported today that, in cooperation with the Islamic Development Bank (IsDB), it had held on the same day a virtual meeting, with the participation of representatives from private sector support and financing institutions within the Islamic Development Bank Group, as well as several private sector companies and the Libyan Union of Industry.
Supporting and financing the private sector
The LBC said the two-hour meeting included a detailed presentation by IsDB representatives on the role of the bank’s institutions in supporting and financing the private sector, including programmes designed to stimulate investment and facilitate companies’ access to diverse financing tools.
The meeting also addressed project financing mechanisms within Libya, guarantee systems, and opportunities available for small and medium-sized enterprises (SMEs). Furthermore, it discussed initiatives that could be implemented in cooperation with local economic entities to enable the private sector to benefit from development financing solutions, as well as the Libyan private sector’s experiences with financing and alternative financing tools to traditional methods.
Participants emphasized the importance of continued communication with bank representatives to work on overcoming obstacles to financing sustainable projects and simplifying financing procedures for Libyan companies. In this context, the LBC reported that it has finalized a list of eligible investment projects within Libya with the aim of connecting them with various financing institutions. This meeting is part of a series of activities led by the LBC to connect local businesses with sources of funding and enhance the business environment in the country.
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LBC to hold virtual workshop with IsDB on export mechanisms and access to international markets
