The meeting approved the implementation steps of the activities as well as the mechanisms that must be followed to reach its objectives according to all segments addressed to this program. The results of the activities were reviewed, which included activating the credit guarantee fund, developing the credit bureau, establishing venture capital funds, and reviewing the results of projects related to improving the efficiency of the Ministry of Economy and Industry related to developing the business environment and improving the ranking of Libya according to the World Bank Group in the Ease of Doing Business.
These projects include the training of employees in the Ministry of Economy and Industry, the development of the business registration office (the One Stop Shop), the establishment of the Libyan-European Trade Assistance Office (Trade Help Desk), the establishment of the Economic Modeling Office (ECOMOD), and the development of the online business school.
All these projects will lead to the digitization of the Ministry of Economy and Industry. Other projects co-financed by the French government were also discussed, amongst them the ability to establish the Janzour Academy of Programming and the establishment of Entrepreneurship Certificate among universities and chambers of commerce and industry.
The main objectives of European Union for Private Sector in Libya (EU4PSL) are :
- Strenghening the capacities of Libya institutions to encourage economic development: The project works alongside Libyan Ministries of Economy and Finance to provide a better environment for businesses.
- Supporting civil society organizations working on youth’s and women’s economic empowerment and start-up entrepreneurship.
- Improving access to finance for MSMEs and start-ups, including with innovative financial tools and microfinance.