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EU Funds €5 Million Project to Enhance Banking Regulations and Support Private Sector Growth

The European Union has launched a three-year project worth €5 million aimed at developing credit infrastructure and promoting financial inclusion in Libya. The E-nable project will be implemented by Expertise France and aims to support Libyan institutions and the private sector in economic governance and digital transformation.

Objectives of the Project

  • Develop a conducive regulatory environment for fintech development
  • Create a credit infrastructure that strengthens the capacities of the Libyan Credit Information Centre
  • Improve banks’ potential activity in the financial sector

The project also aims to enhance the risk management skills of the Central Bank of Libya’s staff to better analyze the risk of leasing activities. Additionally, it will provide inputs in the design of a regulatory framework for Credit Bureau and deliver a three-day training program for the Supervisory Department of the CBL.

The E-nable project is closely linked with ongoing EU projects, including EU4PSL and RAQAM-E, which aim to support private sector growth and economic diversification in Libya. The overall objective of E-nable is to improve the capacities of key economic institutions for sustainable, diversified, and digital economic recovery.

Lead Expert and Application Process

Expert Lisjana Hila has been assigned as the lead expert on the project, which will run until March 31, 2024. The expert will provide legal expertise in drafting a regulatory framework for Credit Bureau in Libya and conduct training for the Supervisory Department of the CBL on leasing regulation.

Interested candidates can apply for the position by sending their information to lisjana.hila@expertisefrance.fr by July 13, 2023. The working language of the project will be English, with the training delivered in Arabic.

Impact on Libya’s Banking Sector and Private Sector Growth

The E-nable project is expected to have a significant impact on Libya’s banking sector and private sector growth, as it aims to create a conducive regulatory environment for fintech development and promote financial inclusion.