On Thursday, the US-Libya Business Association (USLBA) hosted US Ambassador to Libya, Richard Norland for a roundtable meeting in Washington DC. This was to discuss current political and economic events impacting US-Libya ties.
During the talks, the USLBA members expressed their concerns about the political uncertainty and the mobilization of militias. This is in addition to disruptions in the oil and gas industry, which has “cast a shadow over Libya’s business environment and damaged the quality of life of the Libyan people. “
They also focused on Libya’s huge potential for economic growth. As well as confirming that many US companies want to help develop and grow Libya’s rich energy resources, finance, telecommunications, and information technology sectors. This is to spur broad economic development, reconstruction, & create jobs for the Libyan people.
The USLBA reaffirmed its commitment to finding innovative solutions, and improving Libyan access to US expertise to tackle challenges. It also thanked the US Embassy in Libya for strengthening the US-Libya business ties.
Notably, Norland said that Washington shared Libya’s concerns that oil funds can be diverted to support partisan political purposes, or undermine Libya’s peace and security.
This came during a meeting with the Central Bank of Libya’s (CBL) Governor, Al-Siddiq Al-Kabir in the Presence of the US Treasury’s Deputy Assistant Secretary, Eric Meyer.
The US Embassy stated that the US officials urged the CBL to safeguard Libya’s oil revenue from misappropriation to rebuild confidence in the institution, and contribute to stability.
“They also reviewed joint efforts to enhance transparency at the CBL, especially in public spending, as Ambassador Norland underlined that it is critical to provide financial support for the National Oil Corporation’s (NOC) operations,” the statement said.
Libya’s political process has broken down again this year, after the collapse of elections scheduled for December. This prompted the eastern-based Parliament to appoint a new government, led by Fathi Bashagha.
Incumbent Prime Minister, Abdel-Hamid Dbaiba has since refused to quit, and remains entrenched in Tripoli. This has risked a return to fighting, and threatened territorial divisions between rival factions.