LIBYA (BG) – The African Development Bank (AfDB) and the Government of Libya have signed a new grant agreement to enhance the country’s public financial management (PFM) systems.
The agreement, finalized on November 18, 2024, aims to modernise Libya’s financial infrastructure and support private sector growth.
The initiative is funded through the Fund for African Private Sector Assistance (FAPA), a Trust Fund backed by the Government of Japan.
The “Strengthening Enabling Business Environment through Public Financial Management Support Project” (SEBE-PFM) will improve Libya’s public expenditure management to enhance service delivery, boost private sector growth, and encourage business investments.
The project, valued at USD 1 million, is set to span three years (2024–2027) and will provide technical assistance and capacity building.
Ms. Malinne Blomberg, Deputy Director General of AfDB’s North Africa Office, highlighted the project’s importance for Libya’s economic future, stating that it represents a strategic investment in the country’s growth.
“This project, valued at USD 1 million, is the result of strategic collaboration and a concrete investment in Libya’s future, made possible through the generous support of the Government of Japan,” she said.
Libya’s priority will be to modernize its PFM system through digitization, transparency, and efficiency improvements in public procurement.
Dr. Khalild Al-Mabrouk, Libya’s Minister of Finance, and Mr. Masaki Amadera, Deputy Head of Mission at the Japanese Embassy in Libya, attended the signing ceremony, who reaffirmed Japan’s commitment to Libya’s stability and prosperity.
This project aims to foster long-term economic stability and growth in Libya by enhancing the country’s public financial management systems and facilitating private sector development.