Finance and training to strengthen Libyan entrepreneurship
LIBYA – The Board of Directors of the African Development Bank Group has approved a $1 million grant to support entrepreneurship and improve access to finance in Libya, focusing on small and medium-sized enterprises, start-ups, women and young people, according to an economic report followed by Al-Marsad.
Technical fund and a private sector development project
The report said the funding comes from the bank’s Middle-Income Country Technical Assistance Fund and will provide financial support and business support services. The National Economic and Social Development Board will implement the “Private Sector Development and Entrepreneurship Enhancement” project on behalf of the Libyan state, in partnership with Expertise France.
Training for 200 entrepreneurs and 50 banking professionals
The project includes training 200 entrepreneurs in business planning, financial literacy, project management, pricing and marketing, with women making up 40 per cent of participants and young people 50 per cent.
It also includes training 50 banking professionals in Islamic finance and SME lending, in cooperation with at least four financial institutions and financial service providers, as well as designing innovative microfinance products tailored to the needs of women and young people.
Blomberg: practical skills and financial services suited to young people’s needs
The report quoted Malinne Blomberg, the bank’s Deputy Director General for North Africa and Country Manager for Libya, as saying that entrepreneurs need practical business management skills, financial services that meet their needs and institutions that support the growth of their businesses.
Blomberg said working with Libyan partners in these areas would widen opportunities for women and young people to set up viable businesses and contribute to a more diversified economy.
Diversifying the economy and overcoming finance and skills barriers
The report said the project responds to Libya’s need to reduce its reliance on oil and gas, diversify its economy and expand job opportunities and business growth, while tackling limited financing options, a shortage of business skills, fragmented support services and weak institutional capacity and coordination.
The project builds on the African Development Bank Group’s existing programmes supporting youth entrepreneurship in Libya and on the bank’s analytical work on private sector development in fragile settings, while seeking to strengthen the institutions that support business growth.
A private sector roadmap and support for five national bodies
Activities include updating and adopting a roadmap and action plan for private sector development, improving coordination among the institutions that support SMEs, and helping at least five national bodies strengthen monitoring and reporting and build the priorities of women and young people into their work.
Upgrading credit information and green finance
According to the report, the Libya Credit Information Center will benefit from staff training and system upgrades to improve the availability and quality of credit information used in lending decisions.
Capacity-building activities also cover climate-friendly business practices, resource efficiency and green entrepreneurship, as well as helping financial institutions build climate considerations into their lending policies.
Link to the bank’s 2025–2028 strategy
The report said the effort is in line with the African Development Bank’s strategy for engagement with Libya set out in its Country Brief for 2025–2028, which focuses on creating an environment that supports reconstruction and economic diversification by strengthening governance and institutional capacity.
