The EU-funded E-nable (https://apo-opa.co/4aUhczW) mission, applied by Experience France (www.ExpertiseFrance.fr), efficiently concluded right now with a closing ceremony held in Tripoli, marking three years of substantial progress in advancing Libya’s financial diversification, selling a business-friendly surroundings and a supportive monetary sector, empowering impactful financial reforms, and accelerating the digital transformation to pave the best way for sustainable financial development in Libya.
H.E. Mr. Suhail Bushiha, Deputy Minister of Financial system and Commerce for Business Affairs stated: “In the present day marks the conclusion of the E-NABLE Financial Empowerment Challenge, which performed an efficient function in supporting Libya in enhancing the enterprise surroundings and cooperating specifically with the Ministry of Financial system and Commerce on necessary points together with financial reforms and financial diversification. We stay up for extra cooperation and attaining extra constructive outcomes.”
“Libya’s journey towards a resilient and diversified financial system calls for collaboration, innovation, and dedication,” stated H.E. Mr. Nicola Orlando, EU Ambassador to Libya. “The outcomes of the E-nable Challenge reveal the outstanding dedication of our Libyan companions and have laid the groundwork for financial prosperity. The European Union stays deeply dedicated to supporting Libyan establishments as they understand their full potential, driving the nation towards a extra aggressive, inclusive, and sustainable financial system.”
Key Achievements of the E-nable Challenge
Enhancing Public Policies for Economic Diversification and Enabling Business Environment
The E-nable (https://apo-opa.co/4aUhczW) mission collaborated with key companions, together with the Ministry of Financial system and Commerce, the Nationwide Financial and Social Growth Board, the Bureau of Statistics and Census, the Ministry of Planning, and others, specializing in constructing institutional capacities to diversify the financial system, assist the personal sector, and outline strategic insurance policies and frameworks for enterprise reforms and data-driven decision-making.
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Strengthened knowledge administration capabilities: Empowered financial establishments with superior knowledge evaluation and visualization coaching, enhancing decision-making and evaluation.
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Financial Diversification Technique: Developed a complete technique figuring out key sectors for development and established the Libyan Nationwide Financial Diversification Committee.
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Improved enterprise surroundings and funding local weather: Supported the issuance of a Prime Ministerial Choice establishing committees for financial reforms and growing a Nationwide Technique for Particular Financial Zones and Transit Commerce.
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Public-private partnerships: Promoted collaboration between private and non-private sectors figuring out key sectors and enhancements to the authorized framework.
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Inexperienced Funding Framework: Developed a draft for Libya’s Nationwide Inexperienced Funding Framework to appeal to sustainable investments and promote inexperienced applied sciences.
Selling Digital Transformation
Recognizing the essential function of digital applied sciences in driving financial development, the E-NABLE mission additionally targeted extensively on selling digitization and enhancing public sector digital capability. The mission established a basis for an revolutionary and extra digitally related governance system by collaborations with the Basic Data Authority, the Tax Authority, and the Ministry of Finance.
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Digital Innovation Lab: Established the “Digital Innovation Lab” committee inside financial establishments to drive innovation and digitalization.
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Tax digitalization: Supported the Tax Authority in constructing its digital capacities and buying an internet tax fee platform
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Innovative Options: Supported the group of a nationwide hackathon on tax knowledge integration between associated entities.
Enhancing the Monetary Sector
In collaboration with the Central Financial institution of Libya, E-NABLE supported the enhancement of monetary providers and expanded entry to finance for companies throughout Libya. These efforts included constructing institutional capability by workshops and knowledge-exchange examine excursions and equipping stakeholders with the experience wanted to undertake trendy monetary practices and rules.
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Leasing rules: Supported the event of leasing rules and licensing necessities.
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Credit score reporting: Enhanced the credit score reporting system by an government regulation for the Libyan Credit score Data Centre.
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SME assist: Strengthened the Central Financial institution of Libya’s capability to help SMEs by creating and operationalizing an SME-devoted unit.
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FinTech innovation: Developed a regulatory framework for e-payments and digital finance.
Constructing on Success: EU4SKILLS Initiative
Constructing on the E-nable Challenge’s successes, the European Union and Experience France are working collectively once more on a brand new program, EU4Skills, which goals to spice up employability and expertise improvement. This initiative will align training and coaching with market calls for whereas emphasizing digital innovation, sustainability, and improved SME entry to finance.
“The E-nable Challenge has been a key initiative in supporting Libya’s transition to a dynamic and aggressive financial system,” said Mr. Maxime Bost, Packages Director at Experience France Libya. “By means of a strategic deal with strengthening financial establishments, boosting digital innovation, and enhancing monetary inclusion for SMEs, the mission has established a robust basis for future collaboration. We stay up for persevering with our work with Libyan companions by different initiatives and specifically
the EU4Skills mission, with a renewed deal with expertise improvement and employability throughout rising sectors.”
Distributed by APO Group on behalf of Experience France.
Contact:
Sarah Belamin
Communication Officer – Experience France Economical program in Libya
sarah.belamin@expertisefrance.fr
+218946660453
The European Union is made up of 27 Member States, which have determined to steadily pool their know-how, their assets, and their future. Collectively, over a interval of over 50 years of enlargement, they’ve constructed an space of stability, democracy, and sustainable improvement, whereas sustaining their cultural range, tolerance and particular person freedoms. The European Union is set to share its achievements and values with international locations and peoples past its borders.
Experience France is the French public company for worldwide technical help. It goals at contributing to sustainable improvement based mostly on solidarity and inclusiveness, primarily by enhancing the standard of public insurance policies throughout the accomplice international locations.
Experience France is implementing a variety of EU-funded initiatives within the financial sector in Libya by using extremely certified nationwide and worldwide specialists. These initiatives embody SLEIDSE, EU4PSL, PAMRI, and Raqam-e initiatives which have efficiently contributed to elevating consciousness about entrepreneurship and coding, supported the personal sector, engaged and empowered CSOs and girls entrepreneurs, and facilitated entry to finance.
www.ExpertiseFrance.fr
