Private Sector Leads Development.

LBC Lays Cornerstone for First Industrial Finance Fund.

In a historic move that reflects its growing role in leading economic development, the LBC held the inaugural meeting of the technical committee tasked with establishing the organizational structure for the Libyan Industrial Development Fund, the first of its kind to be led by the private sector.

The Council’s headquarters in Tripoli witnessed a high-level presence of economic and professional leaders, including board members, heads of the eastern and southern branches, and representatives from the High Council of State. The Council’s Chairman, Eng. Rasheed Sawani, and Vice Chairman, along with several members of the technical committee, joined the meeting via Google Meet, underscoring the national importance of this project.

The committee’s head, Dr. Abu Seif Ghaniya, gave a comprehensive overview of the progress made in preparing the fund’s institutional structure, explaining the legal aspects, governance standards, and operational and financing mechanisms. He also touched upon the methodologies for evaluating and monitoring targeted industrial projects, with the aim of ensuring the fund’s effectiveness and sustainability.

The attendees discussed opportunities for integration between the fund and existing industrial zones and ways to enhance public-private partnerships. It was emphasized that the fund must be established in accordance with international best practices, with a focus on attracting local and foreign capital and creating a stable investment environment.

The establishment of this fund embodies a comprehensive national vision to empower productive projects and stimulate local development. Through this initiative, the LBC affirms its commitment to providing innovative solutions that contribute to diversifying and revitalizing the Libyan economy, paving the way for a more stable and prosperous economic future.