In a move signalling significant progress in Libya’s financial sector, Al-Siddiq Al-Kabir, the Governor of the Central Bank of Libya (CBL), held a meeting with Nicola Orlando, the European Union Ambassador to Libya.
Lillian Anjou, Economic Advisor at the EU Embassy, was also present. This high-profile meeting was primarily focused on the unification of the CBL, a crucial aspect in stabilising the country’s economy.
The discussions highlighted the Central Bank’s initiatives to boost transparency and financial disclosure, demonstrating a commitment to international standards of banking and financial management. The meeting also addressed the concerted efforts of global institutions in aiding the reconstruction of Derna, and regions significantly impacted by conflict.
Moreover, the EU’s readiness to support the development of Libya’s private sector was a key agenda item. This support is vital for diversifying Libya’s economy, traditionally reliant on oil revenues, and for fostering sustainable economic growth through the empowerment of local businesses and entrepreneurs.
On Sunday, Al-Kabir held talks with Qatar’s Ambassador to Libya, Khaled Al-Dosari.
They discussed issues of common interest, including “developments in the process of unifying the CBL, and ways to support the private sector to stimulate the economy.”
The unification of the Central Bank is a landmark step towards resolving the financial disparities between the eastern and western parts of the country, a division that emerged during Libya’s internal conflict.
The city of Derna has witnessed considerable devastation, making its reconstruction a priority for national recovery and international aid.
The EU has been actively involved in Libya, not only in political mediation, but also in economic support, reflecting its commitment to Libya’s stability as part of broader regional security and economic development.
The enhancement of Libya’s private sector is in line with the country’s Vision 2030, which aims to reduce dependency on oil and create a more diversified, private sector-led economy.