Offcials of Libya’s finance ministry, the European Union, the French embassy, and Expertise France Monday officially inaugurated the Invest4Libya project.
The scheme is designed to strengthen Libya’s financial governance, improve its investment climate, and boost the performance and inclusiveness of the country’s MSME and entrepreneurship ecosystem.
According to a statement from the launch, the project adopts a holistic approach to support efficient and transparent public financial management, modernise financial markets, and stimulate private sector growth, particularly in green and digital entrepreneurship, laying the foundation for sustainable and inclusive economic recovery in Libya.
Libya has been mired in civil strife for more than 15 years, undermining its economy and trade with the rest of the world.
“Invest4Libya represents an important step in advancing public financial management and strengthening Libya’s economic foundations,” said Dr. Khaled Almbarouk, Libya’s finance minister who said that improving transparency and supporting private sector development through this scheme aligns with his country’s national priorities.
”We value our partnership with the EU and look forward to the positive outcomes this collaboration will bring” he added.
Invest4Libya is seen as a key milestone of the EU’s ongoing support for Libya’s economic and institutional development. F
unded primarily by the European Union, with additional support from the French government, the project is implemented by Expertise France and structured around three strategic pillars namely public financial management reform, financial sector governance and modernisation, and entrepreneurship and MSME support.
WN/as/APA