The Private Sector Development and Entrepreneurship Enhancement Project will focus particularly on businesses led by women and young people.
Libya’s National Economic and Social Development Board will implement the Project in partnership with Expertise France.
The financing will come from the AfDB’s Middle-Income Country Technical Assistance Fund.
The Project will train 200 entrepreneurs in financial literacy, business planning, project management, pricing and marketing.
Women will represent 40% of participants, while young people will account for 50%. “Entrepreneurs need practical business skills, financial services that respond to their needs and institutions that support their growth,” AfDB Deputy Director-General for North Africa and Country Manager for Libya Malinne Blomberg said.
“This Project aims to expand opportunities for women and young people to build viable businesses and contribute to a more diversified economy.”
The Project will also train 50 banking professionals in Islamic finance and lending to micro, small and medium-sized enterprises.
At least four financial institutions and business-support providers will participate.
The initiative will support the development of innovative microfinance products designed for women and young entrepreneurs.
The AfDB said the Project would help Libya diversify the economy beyond oil and gas while expanding employment and business opportunities.
The intervention will address limited financing, gaps in business skills, fragmented support services and weak coordination among institutions assisting enterprises.
Libya’s Private Sector Development Roadmap and Action Plan will also be updated and validated.
At least five national institutions will receive assistance to improve monitoring and reporting and integrate women and young people into programmes.
The Libya Credit Information Centre will receive employee training and system upgrades to improve the quality and availability of information used when financial institutions assess loan applications.
Climate-smart business practices, resource efficiency and green entrepreneurship will be included in training programmes.
Financial institutions will also receive support to incorporate climate considerations into lending decisions.
–AfDB/ChannelAfrica–
