The American capital, Washington, hosted an important meeting on Thursday, bringing together a high-level delegation from the Libyan Government of National Unity and representatives from the International Finance Corporation (IFC), the private sector investment arm of the World Bank Group.
The Libyan delegation consists of the Minister of Finance of the Government of National Unity, Khaled Al-Mabrouk, with the attendance of the Minister of Oil and Gas-designate, Khalifa Abdul Sadiq, and a member of the Board of Directors of the Libyan Investment Authority, alongside a group of government officials and executive experts.
The discussions primarily revolved around the review of the “Jobs and Growth” report, which serves as a vital analytical tool for assessing the current state of the private sector in Libya. This evaluation aims to lay the groundwork for a comprehensive national strategy designed to enhance the role of this vital sector as a primary driver for achieving sustainable economic prosperity. Both parties agreed to promptly begin drafting this ambitious strategy upon the completion of the comprehensive report.
Furthermore, the Libyan delegation presented a detailed overview of the Prime Minister’s initiative, “1000 Pioneers for 1000 Projects,” which seeks to support a new generation of entrepreneurs and the development of emerging companies by providing a package of incentives and tax exemptions. The initiative also includes the establishment of a specialized financing fund and the provision of credit guarantees to facilitate these projects’ access to the necessary funding for launch and growth.
For their part, the representatives of the International Finance Corporation warmly welcomed this qualitative initiative, affirming the Corporation’s full readiness to provide the necessary technical and financial support to improve the business environment in Libya and empower the private.