Tripoli, 15/10/2020 - EU4PSL, which is funded by the European Union and implemented by Expertise France, supports the creation of the first SME units within Libyan banks.
During October 2020, Jomhoriya Bank, which is Libya’s largest bank, and Arab Commercial Bank (ACB), approved the establishment of SME units to supporting small and medium-sized enterprises. They will play a decisive role in easing SME access to credit and to build a supportive environment for their development.
Following a series of preparatory meetings with BPI (the French bank of public investment) and finance experts, their boards of directors approved the creation of SME units and designed their structure and responsibilities. In the future, they will receive further technical assistance to help design their working process.
In a country where corporate credit has been suspended for several years and banks lack services to support non-banking businesses, raising the capacities of banks to enter into close relationships with SMEs, according to the Central Bank of Libya Circular No. (1) of 2020, will be a decisive step towards a better access to finance for businesses. In this perspective, the European Union through EU4PSL and the support of Expertise France continues to help create a positive business environment in Libya and pave the way for its economic recovery.