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CBL approves a new legal framework for the Libyan credit information center.

Pulbished on:

Tripoli, January 31, 2024 (Lana): The Central Bank of Libya (CBL) approved a new legal framework for the Libyan Credit Information Centre (LCIC) as a step toward developing the LCIC and increasing transparency, which will lead to improved access and an enhanced business environment in Libya.

This step opens new opportunities for small and medium-sized companies in Libya to secure financial support with the approval of the CBL and the support of Expertise France through the E-Nable project.

The institution provided through workshops and training sessions was key to ensuring that the legal framework meets international best practices and addresses the specific needs of the Libyan financial system.

Head of the Libyan Credit Information Centre, Nabil Abujnah, said, “We welcome the approval of the new Libyan Credit Information Centre’s legal framework, recognizing its transformative potential and affirming our commitment to work with our international partners towards facilitating equitable financial access and enhancing the financial ecosystem across Libya.”

“It is another important contribution of the European Union to the Libyan efforts to develop a sound and productive business environment for all. The Center's operations are crucial for improving credit risk management. Our tailored capacity-building workshops have equipped the Center’s staff with specific expertise in credit information management, data protection, and international standards, and we will continue building on this important achievement with a new program further strengthening the Libyan financial sector, in collaboration with the CBL.” EU Ambassador to Libya, Nicola Orlando, said.

=Lana=