Libya and Egypt engaged in high-level discussions on Monday, to exchange banking and financial expertise and strengthen cooperation in the fight against money laundering and terrorist financing.
The meeting, held in Cairo, brought together Al-Siddiq Al-Kabir, the Governor of the Central Bank of Libya (CBL), and his Egyptian counterpart, Hassan Abdullah.
During the discussions, the officials delved into various matters of mutual interest, including regional and international economic developments. A significant focus was placed on the exchange of banking and financial experiences, and reinforcing cooperation in combatting money laundering and the financing of terrorism.
Notably, Notably, Al-Kabir 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.
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.
Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The country has for years been split between rival administrations.
Libya’s economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya’s economy.