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The National Economic and Social Development Board Signs a Cooperation Agreement with Expertise France to Support Economic Reforms

At the headquarters of the National Economic and Social Development Board in Tripoli, a meeting was held on Tuesday, 28/11/2023, to follow up and review the results achieved by the national team assigned by the Council to implement three priority economic reforms from the reforms included in the Reforms Guide. The next steps were also discussed, and the reforms that the team will work to achieve in the next stage were identified with all concerned parties from the public and private sectors. This meeting is part of the activities of the E-NABLE project, funded by the European Union and implemented by Expertise France for a diversified and digital economy in Libya.

On the sidelines of this meeting, a joint cooperation agreement was signed between the National Economic and Social Development Board, represented by Mr. Mahmoud Al-Futaisi, as Director General, and Expertise France, represented by Mr. Julien Schmitt, Country Representative and Director of Programs. This agreement aims to provide technical support in the areas of economic development and private sector development.

This meeting and the signing ceremony of the agreement were attended by Mr. Nicola Orlando, Ambassador of the European Union Delegation to Libya, and the team accompanying him, as well as from the Libyan side, Mr. Suhail Bushiha, Undersecretary of the Ministry of Economy and Trade for Commercial Affairs, Mr. Mustafa Al-Baroni, Undersecretary of the Ministry of Finance for Financial Controllers Affairs, Mr. Mohamed Suwaid. Representative of the International Cooperation Department at the Ministry of Foreign Affairs and International Cooperation, the Executive Director of the Libyan Industry Union, and other officials and directors of relevant authorities.

It should be noted that the national team in charge of implementing the reforms has drafted many recommendations and regulations regarding the possibility of leasing equipment to companies, the possibility of establishing limited liability companies with a capital of 100 dinars, as well as the possibility of establishing unipersonal companies with one shareholder. The results will be presented to the competent authorities to be implemented to contribute to boosting investments, company growth, and ease of establishing startups.

The Reforms Guide is a document that lists the most important economic reform priorities in Libya by identifying the common obstacles faced by business owners, accompanied by concrete and purposeful proposals for development. It was developed based on a large survey in which more than 600 Libyan companies of various sizes and sectors participated.