Lana News
Libyan News Agency
Latest News

Al-Haweij discusses with the USAID financing projects in southern Libya.

Pulbished on:

Tripoli, June 9, 2024 (Lana): The GNU Ministry of Economy and Trade signed an agreement with the U.S. Agency for International Development (USAID) and Saraya Bank to finance small and medium-sized enterprises (SMEs) in southern Libya with 2 million dinars.

The agreement, whose implementation will begin in July, aims to support entrepreneurs in the south and finance (SMEs) projects in various areas in a way that contributes to developing the local economy, creating new job opportunities, and economic development in the southern regions by supporting these projects, which represent an essential pillar of the local economy.

The USAID provides technical support, and Saraya Bank handles the financial disbursement. 

The agreement is considered part of the Libya Economic Acceleration Project, funded by USAID, which aims to provide technical support for SMEs across Libya.

During his meeting yesterday, Al-Haweij briefed Michelle Bradford, Director of the USAID-funded Libya Economic Acceleration Project, on the objectives of the Libya Economic Acceleration Project, which aims to provide technical support for SMEs and create training programs to develop entrepreneurial ideas through both banking and non-banking financial tools.

Al-Haweij stressed the importance of the agreement in supporting entrepreneurs in the south and promoting economic development in the region, calling for the necessity of cooperation between the ministry and its affiliated bodies with those in charge of the project to ensure its success.

Al-Haweij stressed the support and development of SME enterprises in the southern region to enhance economic growth in the south of the country and all regions of Libya and create new job opportunities.

Bradford explained that the agreement represents an important step to support SMEs and enterprises in southern Libya, stressing that USAID will continue to provide the necessary support to strengthen the Libyan economy, and its meetings with the Central Bank of Libya have also led to the selection of Wahda Bank and Sahara Bank to finance additional projects in the south, where they have the ability and desire to finance small projects through the Islamic banking system.