The Head of the European Union (EU) Delegation to Libya, José Antonio Sabadell, confirmed the EU’s readiness to support comprehensive reconstruction in Libya. These efforts will promote reconciliation, unity and stability in the North-African country.
During a meeting with the Deputy Governor of the Central Bank of Libya (CBL), Ali Al-Hibri, both sides discussed the reunification of the CBL and the role the financial system plays in Libya’s recovery.
“As Co-Chairs of Economic Working Group, the EU is ready to support inclusive reconstruction that will reinforce reconciliation, unity and stability. The economy has potential to be key driver for peace,” Sabadell tweeted on Thursday.
Last month the Governor of the Tripoli-based CBL, Sadiq al-Kabir, and his counterpart at the eastern CBL branch, Ali Salim Al-Hibri, signed an agreement on a four-stage plan for reunification including the appointment of an external consultant.
The banks said they had taken a big step towards reunifying. They added that they had unified their boards of directors and work on technical committees had begun.
Both sides discussed the stages of the unification in accordance with the roadmap proposed by the international accounting firm Deloitte, with the completion of the international financial audit review for the CBL in July.
“The division complicates access to foreign exchange, impedes monetary reform, and undermines the integrity and oversight of the commercial banks,” said the United Nations Support Mission in Libya (UNSMIL).
The review seeks to create the conditions and provide recommendations to unify the CBL thereby improving public confidence, transparency, and integrity of the banking sector.