A memorandum of understanding was signed, today, Thursday, February 24, 2022, between the Government of National Unity in the State of Libya, represented by the Minister of Finance, “the Governor of the State of Libya at the Bank,” as well as the Islamic Development Bank group represented by the President of the Bank Group, as an expression of the two parties’ desire to establish a framework for future cooperation that includes all the priority economic and social sectors in the State of Libya. .
The memorandum of understanding also included the establishment of an economic empowerment fund in Libya in partnership with the public and private sectors for the purpose of investing primarily in the strategic sectors of the Libyan market, with the aim of strengthening comprehensive sustainable value chains to support job creation and sustainable sources of income for owners of micro, small and medium enterprises in Libya, especially the youth.
In addition to helping Libya support its efforts in the field of financial and economic inclusion and digital transformation; by exploring investment horizons in the areas of digitizing financial and non-financial services, exchanging technical expertise and disseminating knowledge, in addition to developing the competencies of civil society bodies and non-governmental organizations to develop the capacities of youth and women in the economic and social fields.
Also, developing the capabilities of Libyan administrations and institutions in some areas such as administrative and financial governance, training, capacity building and transfer of extensive experiences through the program for the exchange of knowledge and expertise and technical cooperation, as well as supporting the plan of the State of Libya in the various fields of education « kindergarten, public and higher education and technical education » and supporting the efforts of the State of Libya in the areas of raising various health care services, including efforts made to reduce the negative effects of the emerging pandemic « Corona ».
The memorandum also included supporting the efforts of the State of Libya (the Ministry of Justice) in developing the criminal justice system and improving the performance of the justice sector, as well as supporting the partnership between the public and private sectors, developing the Islamic financial and banking sector and supporting technology, science, innovation and entrepreneurship initiatives, in addition to establishing the Libya Endowment Fund for Charity to invest the endowment funds, which will be a new window for financing, job creation and economic empowerment for youth to serve the national plans for human development in the State of Libya, as well as to joint work to implement the program to support the economic resilience of weak and fragile institutions, and supporting trade infrastructure, including providing support to institutions concerned with implementing Libya’s foreign trade programmes.