Libya Joins Afreximbank Membership Agreement to Boost Trade, Cooperation

Libya officially joined the membership agreement of the African Import and Export Bank “Afreximbank“ becoming the 53rd country in the participating countries, in a step aimed at promoting trade and investment between Libya and the rest of the member states of the black continent.

The accession document, signed by Khaled Abdullah, Libyan Minister of Finance, paves the way for the Libyan government and Afreximbank to cooperate in key development projects in Libya, with a focus on trade facilitation, infrastructure development and financial support for North African countries.

Some of the projects identified by the document include cooperation in financing the development of the Misrata Free Zone and the establishment of a road linking Libya, Chad and the Republic of Niger, which is expected to significantly boost intra-African trade.

The African Bank will also provide technical and financial assistance to the Sahel-Saharan Bank for Investment and Trade (BSIC) to expand its operations within East Africa, in addition to providing technical training and support to Libyan exporters to benefit from the structure of trade finance and access Africa's markets.