Libya’s first microfinancing institution “Namaa Tamweel” has been launched by Assaray Trade and Investment Bank (ATIB) to support entrepreneurs and private sector operators to develop their businesses and improve their access to finance.
In a Thursday statement, the bank said the initiative aims to provide 2,000 beneficiaries with access to microfinance worth at LYD 22 million within two years.
The statement added that it will enable beneficiaries to raise their incomes and improve their living conditions.
Libya is witnessing positive economic indicators in the current fiscal year as the budget deficit is expected to drop to 0 percent, oil production is improving, and inflation rate is decreasing, said the Governor of Libya’s Central Bank, Saddek el-Kaber in October.
The World Bank said in April 2018 that Libya’s economic growth is projected to rebound at around 15 percent in 2018 and 7.6 percent in 2019-2020.
“Both the fiscal and current account balances will significantly improve, with the budget and the current account running surpluses expected from 2020 onwards. Foreign reserves will also start building up by 2020. They will average US$72.5 billion during 2018-2020, representing the equivalent of 27.5 months of imports,” according to the World Bank.
