New opportunities have opened for SMEs in Libya to secure financial support as the Central Bank of Libya (CBL) grants approval to the Libyan Credit Information Centre's (LCIC) newly developed legal framework. The development of the legal framework was made possible with the support of Expertise France through the E-nable (https://apo-opa.co/3HDQxtv) project, funded by the European Union. Our tailored capacity-building workshops have equipped the Centre’s staff with specific expertise in credit information management, data protection and international standards. Risk Mitigation: The regulatory framework is expected to help in identifying and managing potential risks associated with credit information. With the legal framework in place, the focus now shifts to developing the LCIC's operational capacity.

On the margins of the Italian African Summit in Rome (28-29 January), Tripoli based Libyan prime minister, Abd Alhamid Aldabaiba, discussed yesterday the review, support and development of Libyan investments in Rwanda. The discussions were held between Aldabaiba and the Minister of Foreign Affairs and International Cooperation of Rwanda, Vincent Biruta,The Libyan government reported that the two had discussed ways to enhance economic cooperation between the two countries. Aldabaiba praised the Rwandan experience in consolidating and stabilizing reconciliation and stability, stressing the necessity of resuming economic cooperation between Libya and Rwanda. The two parties touched on the necessity of exchanging official visits and activating the economic agreements concluded between the two countries, in addition to reviewing Libyan investments in Rwanda and supporting and developing its fields.

The Minister of Economy and Trade, Mohamed Al-Hwej, opened the 5th Libya Food Exhibition (28 to 31 January) at Tripoli International Fairgrounds. The Ministry of Economy reported that 215 local and international companies participated of which 100 were local companies and 115 were foreign companies. These were from Egypt, Tunisia, Turkey, India, UAE, Italy, Morocco, Malta, France and Jordan, specializing in the food and plastic industries, manufacturing machinery and equipment, packaging technology, processing, restaurants and cafes. The Minister toured the exhibition corridors, accompanied by the Chairman of the Management Committee of the General Authority for Exhibitions, the Chairman of the General Union of Chambers of Commerce, Industry and Agriculture, the Chairman of the Management Committee of the Tripoli Chamber of Commerce, Industry and Agriculture, the Chairman of the Board of Directors of the Libyan-Egyptian Joint Chamber, and several heads of diplomatic missions to Libya.

Spanish oil giant, Repsol, is interested in implementing renewable energy projects in Libya. The news was announced by the Renewable Energy Authority of Libya (REAoL) last Sunday (28 January) after REAoL chairman, Abdul Salam Al-Ansari, held a meeting on the same day, at the Authority’s Tripoli headquarters, with Mikel Erquiaga, General Manager of Repsol. In its brief description, REAoL said the meeting discussed and reviewed ways of joint cooperation in the fields of renewable energies and Repsol’s participation in implementing a number of REAoL’s work and plans.

It was in the heat of the 2013 general election campaign when then finance minister Tonio Fenech labelled the Labour Party’s energy plan “Alice in Wonderland”. Eleven years later, Fenech has gone one step further in his criticism of the Electrogas power station: “I called it Alice in Wonderland… today, I call it the pantomime of Alice in Wonderland.”The fresh description came in the midst of a lively exchange between Fenech and government MPs in parliament’s Public Accounts Committee on Tuesday. The committee continued with its scrutiny of the National Audit Office’s report on the Electrogas power station procurement process. When asked whether he would give the current administration advice to remove the energy subsidies and instead increase electricity prices, Fenech hit back: “Since when is government seeking my consultancy services? He insisted the IMF had also suggested the phasing-out of energy subsidies and instead replacing these with targeted support for vulnerable families.

Arab Finance: Maridive and Oil Service’s 49%-owned affiliate Al-Mayez Oil and Gas Services has been awarded a three-year oil exploration contract worth €29.72 million for the Libyan Mellitah Oil and Gas Company, a statement revealed. The contract covers oil exploration and production activities at the Bouri and Bahr El Sallam Fields in Libya. The project is set to be implemented by the first quarter (Q1) of the current year. Maridive is an Egypt-based company that provides offshore marine and oil support services across the Middle East and North Africa (MENA) Region. Copyright © 2022 Arab Finance Brokerage Company All rights reserved.

This is more than double the toll recorded last year during the same period. GENEVA: Nearly 100 migrants have died or disappeared in the central and eastern Mediterranean since the beginning of 2024, more than double the toll recorded last year during the same period, the UN migration agency said on Monday. IOM’s Missing Migrants Project found that 3,041 migrants were dead or went missing in the Mediterranean last year – a significant increase over the 2,411 toll in 2022. Earlier this month, some 40 Tunisian migrants went missing after setting off in a boat toward the Italian coast. Tunisia has replaced Libya as a main departure point for Mediterranean crossings for people fleeing poverty and conflict.

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The Italian premier has made the Mattei plan central to her foreign policy since taking office in 2022. ROME: Italy’s prime minister Giorgia Meloni called for a new partnership with Africa today, unveiling a long-awaited plan aimed at boosting economic ties, creating an energy hub for Europe, and curbing immigration. “We believe it is possible to envision and write a new chapter in the history of our relationship, a cooperation among equals, far from any predatory imposition or charitable stance towards Africa,” Meloni said in an opening speech. This is our plan for Africa,” von der Leyen told today’s gathering, referring to an infrastructure project unveiled in 2021. Energy needsMeloni has made the Mattei plan a central plank of her foreign policy since taking office in late 2022.

Forum for Innovation and Digital Transformation in Financial Services, hosted by the Central Bank of Libya (CBL), was convened in Tripoli today. Saddek Elkaber, CBL governor, underscored during his opening address that this forum “represents an opportunity for private sector companies to benefit from the [CBL’s] Financial Technology and Innovation Unit, as it will provide solutions that better meet customer needs,” according to a statement by the CBL. Elkaber stressed that the CBL “supports the Know Your Customer (EKYC) initiatives, Instant Payment, and the Open Banking initiative by establishing a financial technology laboratory (Sandbox) that aims to bring about change by experimenting with modern technologies, advanced and innovative ideas.”

The Ministry of Water Resources of Libya invites eligible consulting firms to indicate their interest in providing assistance services for the water sector assessment (including recommendations), Environmental and Social System Assessment, elaboration of training, and information and preparation of the Water Strategy Forum. DEADLINE: 12 February 2024The Strengthening the Regulatory, Legislative and Strategic Water Framework Project aims to assess and improve the regulatory, legal, institutional, and strategic water sector framework that will strengthen the control and sustainable management of diminishing water resources, particularly scarce groundwater resources. The mission of this Technical Assistance (TA) consists of:Assessment of the current strategic framework and revision of the water strategy, legal and regularity and institutional framework of the MOWR. The firm has at least 5 years’ experience in providing consulting services to IFIs, MDBs, bilateral development agencies, and governments in relation to public service reforms, water sector-related services, institutional capacity development services, and any other public service development-related consulting services. Ministry of Water Resources – State of LibyaProject Management Unit (PMU)Executing entity: Ministry of Water Resources (MoWR)Address Tripoli –LibyaMr. MOKHTAR F. Radi SALEM, Project Coordinator,Email: mokhtarfitoriradi@gmail.com, and copy afafgassem@gmail.comTel: +218 922249953 or +218 912504789

Libyan Prime Minister Abdul Hamid Dbeibeh is in Rome today to take part in the Italy-Africa summit, which aimed at illustrating Italy’s big development plan for the continent. Upon his arrival yesterday, Dbeibeh was received by Italy’s Prime Minister Giorgia Meloni and President Sergio Mattarella. In addition to Dbeibeh, two dozen African leaders, top European Union and United Nations officials and representatives from international lending institutions are in Rome for the summit, the first major event of Italy’s Group of Seven presidency. “The basis of the Mattei Plan is a new approach — non-predatory, non-paternalistic but also not charitable,” Meloni told state-run RAI station. Alongside the Mattei Plan, Meloni’s government has forged controversial deals with individual countries to try to mitigate the migration burden on Italy.

The Libyan Business Council (LBC) reported today that a delegation had successfully completed a visit to the 2024 World of Concrete (WoC) Tradeshow in Las Vegas, USA from 23 to 25 January. The visit was coordinated in cooperation between the American Chamber of Commerce Libya (AmCham Libya) and the LBC, for a period of three days. The LBC reported that the visit provided the delegation of businessmen with fruitful opportunities, enabled the delegation members to learn about the latest technologies and innovations in this field, and supported communication relations with leading companies in industry and construction. AmCham Libya leading Libyan delegation to 2024 World of Concrete Tradeshow in Las Vegas, 23-25 January (libyaherald.com)AmCham-organised and U.S. Department of Commerce supported Libyan trade delegation to the U.S. was ground-breaking and a benchmark (libyaherald.com)40-member Tripoli Chamber delegation returns from World of Concrete expo in Las Vegas, USA (libyaherald.com)Tripoli Chamber discussing leading delegation to WOC show in Las Vegas, USA in January (libyaherald.com)

Turkey has problems in the Black Sea from the Ukraine-Russia war. Turkey and other NATO nations control most of the Black Sea coastline, especially the southern and western Black Sea coasts. In 2024 Turkey agreed to cooperate with NATO allies Bulgaria and Romania, which also border the Black Sea, to clear the Russian mines in the Black Sea. Turkey will not allow mine clearing vessels from any other nation to enter the Black Sea to assist. Turkish troops in Libya and naval forces off the coast prevent the Libyans from sabotaging Turkish economic projects in Libya.

The Attorney General’s Office announced last Wednesday (24 January) that the investigative authorities had thwarted the attempt to seize LD 25 million from the National Commercial Bank (NCB) by a conspiring group headed by the NCB’s Internal Audit Officer at its Orouba branch in eastern Libya. The investigating authority have initiated a criminal case against the defendants, including an employee authorized to manage the bank branch accounts, an employee at the Central Bank of Libya and a military person. The investigation revealed they were involved in an organized group whose members designed a plan to access the database of the NCB, falsifying bank account data, by including numbers that exceed the actual credit balances, then making financial transfers worth twenty-five million dinars. The discovery of their plans thwarted their criminal efforts. The investigator ordered the pretrial detention of the NCB Audit Official, the bank branch accounts manager, the military person, and is prosecuting the remaining contributors to the incident.