European Union (EU)-funded Project EU4PSL for Private Sector Development in Libya Presents Results

Expertise France

The EU4PSL project of the European Union (https://bit.ly/3uCHRgC) to support the development of the private sector in Libya presented the results in Tripoli. Over the past three years, the project has contributed to a better business environment, and new job opportunities throughout Libya, especially for youth and women. At the closing ceremony in Tripoli, the European Union and its partner EU4PSL Expertise France (www.Expertisfrance.fr), presented important results to the main participants and beneficiaries.

Today, we celebrate the end of the European program to support the private sector in Libya, and we all know that Libya has moved towards economic development through the private sector. I would like to thank the Delegation of the European Union, Expertise France and the Libyan experts in all fields for their participation in achieving the objectives of the program. I emphasize the dynamism and desire of the Ministry of Economy and Trade to continue cooperation in the economic recovery, consolidation and development of Libyan capabilities.”, said Mohammed Al-Huweij, Minister of Economy and Trade in Libya.

The private sector is a vital driver of innovation, new jobs and economic growth in Libya. This is why it is important to create a business environment, to encourage business and ensure good conditions for innovation, investment and trade. In Libya, the private sector needs new skills, tools and opportunities to turn ideas into successful businesses. With EU4PSL we have been able to create a new platform to facilitate access to economic institutions and promote start-ups and young entrepreneurs.”, said Francesca Cuccia, Program Manager at the EU Delegation in Libya. “The EU will also continue to support the private sector in Libya in the future.

“EU4PSL, is an important project for us that shows the importance of supporting the development of the private sector in Libya. All the important achievements highlight the contribution of all the Libyan actors involved in the a more efficient and supportive business environment, key to the harmonious development of the private sector “said Julien Schmitt, country representative and program director of Expertise France in Libya. “On behalf of Expertise France, we are very honored by the trust of our national and international partners and we want to reaffirm our commitment to continue supporting the economic development of Libya.”

Better institutional services and easy access to business support

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EU4PSL has worked with the Ministry of Economy and Trade, the Chamber of Commerce and other economic institutions to help create a supportive business environment in Libya.

A new portal called eJraat (https://ejraat.gov.ly) simplifies the business creation process and provides step-by-step guidance on how to manage it and was launched in collaboration with United Nations Conference on Trade and Development (UNCTAD). (https://UNCTAD.org). The stakeholders involved are now taking a step further by collaborating with the General Commercial Registry to create a single online window for company registration and other business services.

In cooperation with the International Trade Center (ITC), (https://InTraCen.org) Libya is included in the Euromed Trade Help Desk (https://bit.ly/3iPCc4d) portal the facilitation of trade and investment in the EU and the Mediterranean region.

EU4PSL has worked with the Chamber of Commerce and Chamber of Commerce Unions to develop advisory and advocacy work. A large-scale national survey (https://bit.ly/3FziC4S) identified the profile and needs of Libyan companies in terms of business knowledge and support services, along with job recommendations to help governments and international donors to better shape their economic support to Libya. .

The first Chamber of Commerce White Paper lists the top priorities for reform identified by Libyan business owners and managers along with concrete recommendations for improvement.

Economic empowerment of women and youth

In collaboration with local CSOs, EU4PSL held three national competitions for women entrepreneurs that awarded €120,000 to 36 winners; more than 90 jobs were created as a result of the development of the winning company.

The CSOs also worked with the university to organize a business training camp that was offered to 360 students. The best ideas were then selected to participate in a national competition where 3 students received major financial awards from local sponsors.

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6 month business acceleration program called Increase it mentored 19 startups from 6 different Libyan cities. Participating startups received €153,000 in financial support. 84.6% of them reported an increase in their income.

Improving access to finance for MSMEs and start-ups

EU4PSL has partnered with the Central Bank of Libya and several other financial institutions to support Libyan MSMEs in accessing finance.

With the support of the major financial institution Adie France (www.Adie.org), the Central Bank of Libya issued two microfinance circulars requiring banks to allocate 10% of their portfolio for SMEs and to adapt the services provided to them to the needs of the micro. and small businesses, creating a new revenue vehicle for business owners.

Six groups dedicated to the support of SMEs were established within the Libyan banks and the Tadawul Group (https://bit.ly/3W1CoeR) supported the creation of a Venture Capital fund to provide financing and investment. for the startup ecosystem in Libya.

Entrepreneurship is integrated into the curriculum

EU4PSL, together with Lyon 3 universities (https://bit.ly/3Y4Dmc2), developed an award-winning business module that is now taught in 9 Libyan universities. The delivery of this module was carried out by the training and education of 44 teachers throughout the country with the support of the South Mediterranean University (SMU) (www.SMU.tn/) in Tunis.

Entrepreneurship and Innovation departments have also been established within 11 universities. Staff in these departments have been trained on how to run practical incubation programs to support undergraduate students to improve their skills and start their careers. .
Eight Junior Enterprises (www.Juniorenterprises.org) have been created within partner universities to promote entrepreneurial skills among students and bridge the gap between academic learning and the labor market. .

EU4PSL has also started work with the Ministry of Higher Education and Scientific Research on a national roadmap to support entrepreneurship within higher education institutions and bridge the gap between graduates and the labor market. in collaboration with the Mediterranean Universities Union (UNIMED) (www.UNI-MED.net).

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After the completion of the EU4PSL (2019-2022) and its predecessor project, SLEISDE (2016 -2020), the European Union will continue to support the private sector and economic development in Libya through the E -NABLE (https://E-NABLE.ly) project (2022-2025), established by Expertise France. E-NABLE will focus on economic diversity, sustainability and digital governance in Libya.

Distributed by APO Group on behalf of Expertise France.

Contact:
Sarah Belamin
Official Communication – Economic Program Expertise France in Libya
[email protected]
+218946660453

About the European Union:
The European Union consists of 27 Member States, which have decided to gradually integrate their skills, resources and future. Working together for 50 years of growth, they have built an environment of stability, democracy and sustainable development, while maintaining cultural diversity, tolerance and individual freedom. The European Union is determined to share its achievements and values ​​with countries and peoples beyond its borders.

About France Expertise:
Expertise France is the French public agency for international technical assistance. It aims to contribute to sustainable development based on unity and solidarity, especially by improving the quality of public policies in the partner countries.

Expertise France implements various projects funded by the European Union in the economic sector in Libya through the use of national and international experts. These projects include SLEIDSE (https://bit.ly/3Y03ogu), EU4PSL, PAMRI, and Raqam-e projects that have successfully promoted entrepreneurship and coding, supported the private sector, participated and provided strength of CSOs and women entrepreneurs, and facilitated access to finance. www.Expertisfrance.fr

This press release was published by APO. The content is not controlled by the African Business team and the content has not been reviewed or verified by our editorial team, proofreaders or fact checkers. The provider is solely responsible for the content of this statement.

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