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CBL Publishes a Circular to Support Micro and Small Enterprises

The Central Bank of Libya has published a circular requiring Libyan commercial banks to allocate 10% of their financing portfolio to support micro and small enterprises, thus, increasing the funding opportunities available for this category of the Libyan banking sector.

This circular came as a result of the joint efforts between the Central Bank of Libya and Expertise France’s team in cooperation with Adie within the EU4PSL project funded by the European Union to issue regulations and legislation for creating a more favourable environment for the development of microfinance in Libya.

As micro and small enterprises in Libya face many access-to-finance challenges and restrictions hindering their business growth, this circular will be a positive step towards enabling the accessibility of credit to entrepreneurs and enterprises, resulting in economic growth and private sector development.

You can view the publication here.