Libya and EU Launch 'Invest4Libya' to Drive Economic Reform and Innovation

Libya is taking a big step forward to boost its economic reform journey and create a more efficient environment for investment. They're doing this by launching the Invest4Libya project, working together with the European Union and several international partners. This move is all about supporting good financial management, growing the financial sector, and empowering startups, all while keeping up with the demands of digital transformation and the green economy. The Libyan Ministry of Finance, along with the European Union Delegation to Libya, the Embassy of the French Republic, and Expertise France, officially announced the project's launch. Its goal is to improve how public money is managed and make the investment climate more attractive. It also aims to support entrepreneurs and small and medium-sized businesses (SMEs), with a special focus on the digital and green sectors, which are seen as key engines for future economic growth. The project uses a comprehensive approach to promote effective and transparent financial governance. It plans to do this by developing better institutional frameworks and making public resource management more efficient. It will also modernize financial markets and encourage the private sector to grow, laying the groundwork for a lasting and inclusive economic recovery in Libya. Khalid Al-Mabrouk, Libya's Minister of Finance, emphasized that the Invest4Libya project is a crucial step in improving the public financial management system and strengthening the foundations of the national economy. He pointed out that supporting transparency and empowering the private sector aligns perfectly with the country's economic priorities. He also praised the partnership with the European Union, expressing his hope for concrete results that will help stabilize the economy and create more investment opportunities. This project is part of the support programs the European Union offers to boost economic and institutional development in Libya. It's mainly funded by the European Union, with extra support from the French government. Expertise France is in charge of carrying out the project through a series of strategic focus areas. The project is built on three main tracks. The first focuses on public financial governance reforms, supporting the Ministry of Finance and the Audit Bureau to improve transparency, make spending more efficient, and enhance institutional accountability. The second track is all about financial sector governance and modernization. It will develop new rules and frameworks that encourage financial inclusion and support the integration of digital and green finance, working closely with the Central Bank of Libya and the Ministry of Planning. The third track aims to support entrepreneurship and small and medium-sized businesses. It will do this by empowering incubators and accelerators and connecting startups with investors, experts, and supportive policies. The goal is to create an environment that's much better at fostering innovation and growth. In this context, Nicolas Orlando, the Ambassador of the European Union Delegation to Libya, stressed that improving the investment environment is absolutely essential for economic recovery and promoting sustainable growth. He noted that the project shows the EU's strong commitment to supporting public finance reform, empowering the private sector, and helping to diversify Libya's economy. Maxime Bost, Program Manager at Expertise France in Libya, explained that the project continues the efforts his organization has made to support economic development in Libya over the past few years. He confirmed that Invest4Libya will work to strengthen institutional capabilities and support entrepreneurs, especially in the digital and green sectors, which have truly become key drivers of innovation and economic growth. The project relies on a broad network of institutional partnerships. This includes the Ministry of Finance, the Central Bank of Libya, and the Audit Bureau, as well as the Ministries of Planning, Higher Education and Scientific Research, and Environment. It also involves several public institutions, scientific research centers, and business incubators. This ensures comprehensive national coordination and boosts the chances of making a real impact on the Libyan economy in the coming period.