On April 29, USAID’s Libya Economic Acceleration Project made a significant stride toward fostering economic growth and diversification in southern Libya. USAID joined the Islamic Development Bank, the Central Bank of Libya (CBL), and the Libyan Ministries of Finance, Economy, and Local Government in Riyadh to launch the Tamkeen Fund. The Tamkeen Fund, which is managed by the Islamic Development Bank in partnership with the CBL, will unlock financing opportunities for Micro, Small, and Medium-sized Enterprises (MSMEs) in Libya.
This partnership will allow USAID to open the doors for more MSMEs in southern Libya’s Fezzan region to have access to financial resources that will help them grow their businesses. The Fezzan region is coming out of years of conflict, leaving support mechanisms for private enterprise weakened. The partnership will also ensure that key Libyan institutions are actively engaged in the economy of the South, an often underserved region of the country. The Tamkeen Fund signifies a shared commitment to foster economic resilience and diversification throughout Libya and to promote peace and stability in the South.
LEAP
