Libya & Egypt Discuss Financial Cooperation

Libya & Egypt Discuss Financial Cooperation
Libya & Egypt Discuss Financial Cooperation

The Governor of the Central Bank of Libya (CBL), Al-Siddiq Al-Kabir met with his Egyptian counterpart, Hassan Abdullah in Cairo.

The meeting, held at the bank’s headquarters, delved into discussions about the global, and,
more specifically, regional economic and financial situations, as per a statement from the CBL.

The talks further explored avenues for enhanced coordination, and cooperation in technical support and expertise exchange. Additionally, the meeting touched on welcoming the unification of the CBL.

Last week, Libyan officials from the Ministry of Economy and Trade met with their Egyptian counterparts to discuss bilateral trade. As well as the challenges affecting the transportation of goods, services, and people between the two nations.

The meeting was held at the Libyan Embassy in Egypt, and was attended by Shather Al-Sayed, Advisor to the Libyan Minister of Economy and Trade, Ezzaldin Musdaq, the Director of Foreign Trade at the Ministry, Mohammed Qleesah, the Commercial Attaché at the Libyan Embassy, and Ibrahim Al-Jarari, the President of the Libyan-Egyptian Joint Chamber of Commerce.

The meeting also reviewed trade through the land border between Libya and Egypt, examine challenges hindering the smooth transportation of goods and services, and explore issues preventing the free movement of citizens. Notably, Libyan traders tend to prefer land-based exports over maritime exports, due to lower costs and shorter shipping times.

Al-Sayed indicated that the Minister of Economy and Trade has issued directives for enhancing coordination with Egypt to ease the movement of goods, and facilitate travel for businesspeople and citizens alike. The meeting also discussed organising joint economic events to increase trade volume, and support investment activities in both countries.

Among the topics discussed was the implementation of unified insurance for Arab vehicles, commonly known as the “Orange Card.” This would ease travel and goods movement, by reducing financial burdens on vehicle owners.

The officials also touched upon the need to complete procedures and agreements decided upon in a meeting held in May. Those agreements were overseen by the Supervisory and Regulatory Insurance Authority, and the Egyptian Insurance Union concerning settling outstanding debts from Egypt’s Insurance Company to Libya’s Insurance Company.

As Libya and Egypt continue to develop their economic ties, this meeting is a critical step in enhancing bilateral relations and resolving mutual challenges, contributing to both nations’ stability and prosperity.