The Governor of the Central Bank of Libya, Al Siddik Al Kabir, recently met with the new Acting Ambassador of Egypt to Libya, Tamer El-Hefny, to discuss the role of the Central Bank in ensuring financial sustainability.
According to a statement from the Central Bank, the meeting covered several key topics, including efforts to approve a unified budget for 2024 and the Central Bank’s role in maintaining the state’s financial sustainability and rationalizing public spending.
The statement also highlighted discussions on supporting the Central Bank’s efforts in transparency and disclosure, the latest updates on the project to unify the Central Bank, and the role of Egyptian companies in the reconstruction of Derna and surrounding areas.
Last week, Mohamed El-Bahi, head of the Arab Cooperation Committee at the Federation of Egyptian Industries, announced preparations for a significant trade and investment mission to Libya by the end of June. This initiative aims to expand Egyptian presence in Libya through exports and participation in reconstruction efforts.
El-Bahi stated in a press release that the mission’s goal is to strengthen Egyptian engagement in Libya. This includes increasing exports and facilitating national companies’ involvement in rebuilding the country.
Thirteen industrial and export sectors are expected to participate in this mission, which is part of a series of international market visits planned by the Egyptian Industries Union to boost exports and enhance joint Arab investments.
Regarding the number of participants, El-Bahi mentioned that 150 companies, institutions, and individuals have applied to join the mission to Libya. All applications are being thoroughly reviewed to ensure proper preparation of the delegation.
El-Bahi highlighted the mission’s objectives, which include direct meetings between Egyptian companies and their Libyan counterparts. These meetings aim to finalise export contracts and explore joint investment opportunities in both Libya and Egypt.
He also noted that discussions will focus on contributing to the reconstruction of southern Libya, particularly by real estate developers, and meeting the region’s demand for Egyptian building materials. These aspects will be key points of discussion during the mission’s activities.
This initiative underscores Egypt’s commitment to supporting Libya’s reconstruction and fostering economic ties between the two nations. By enhancing trade and investment relations, both countries aim to achieve mutual growth and stability.
