Minister of Economy and Trade Mohammed Al-Hweij discussed with the Director General of the Islamic Development Bank and the Director of its branch in Libya areas of cooperation in implementing the economic development plan and industrial localization in Libya.
Emphasizing the importance of collaboration between economic, investment and banking institutions in the country, Al-Hweij proposed working through an integrated system to activate investment and establish industrial and agricultural projects through local and foreign investors.
He affirmed the ministry’s aspiration to develop a joint strategy with specialized banks and the Loan Guarantee Fund to activate agricultural projects in the southern region and localize various industries by exploiting natural resources.
During the meeting, the Islamic Development Bank delegation reviewed several mechanisms for supporting projects and successful experiences in Islamic and Arab countries.
“Libya’s geographical location and natural resources enable it to diversify its sources of income,” the delegation stated, expressing the bank’s desire to enhance cooperation with the Ministry of Economy and activate banking and non-banking financing tools in collaboration with the Central Bank of Libya and specialized banks to boost the industrial, agricultural, and investment sectors.
