Libya Seeking Support from International Banks

Libya Seeking Support from International Banks
Libya Seeking Support from International Banks

The Libyan Minister of Economy and Trade, Mohamed Al-Hwaij met with the Secretary-General of the Union of Maghreb Banks, Mohamed Al-Alam in Tripoli, on Tuesday.

The two reviewed the role of international banks in supporting the reconstruction plan in Libya and the development of the national economy.

According to a statement published by the ministry, Al-Hwaij stressed the “importance of the banking sector at the local, regional, and international levels in financing and implementing development. As well as developing investment projects through the private sector, and advancing the industries and trade sectors.”

He highlighted the need to “develop banking laws and policies, in a way that supports the digital economy plan.”

The meeting discussed “ways to encourage international banks to participate in the ‘Digital Economy for the Reconstruction of Libya’ conference, to be held in Tripoli.”

The conference aims to present an integrated vision for the transformation towards the digital economy. As well as to mobilize major companies and investors to participate in the reconstruction and development plan.

The meeting was attended by the representative of the Union of Maghreb Banks in Libya, Omar El-Khoja.

Notably, the Spanish Ambassador to Libya, Javier García-Larrache announced the return of more than 30 Spanish companies to Libya.

During his meeting with Al-Hwaij, Larrache drew attention to the Embassy’s work in facilitating the granting of visas to businessmen.

The meeting was held at the Ministry’s headquarters, in the presence of the Minister’s Adviser, Shather Al-Sayd, the Libyan Ambassador to Spain, Walid Abu Abdullah, the Head of the International Cooperative Department, Faraj Elbi, and the Libyan Commercial Attache to Spain, Abdel-Rahman Al-Bakshi.

On his part, Al-Hwaij stressed the need for Spanish companies to resume operations in Libya, benefit from investment opportunities, and create partnerships with the Libyan private sector. He also emphasised the necessity of activating agreements and memorandums of understanding with Madrid, and updating them in line with international changes.

The Minister called for strengthening cooperation with Spain in food security, agriculture and livestock, and benefiting from Spanish expertise in cooperation with the relevant authorities.

He pointed to the importance of the Commercial Attache in overcoming the difficulties facing economic and commercial activities, in direct coordination with the Libyan Embassy in Spain.