Tripoli, 16 May 2014:
The U.S.-Libya Business Association (USLBA) yesterday welcomed the news that the European Bank for Reconstruction and Development (EBRD) . . .[restrict]voted to admit Libya as a member during their Annual Meeting & Business Forum held in Warsaw, Poland, this week.
It also encouraged Libya to sign a pending Investment Incentive Agreement with the United States to allow the U.S. Overseas Private Investment Corporation (OPIC) to open for business in the country.
“As strong supporters of Libya’s bid to join the EBRD, we welcome today’s announcement, which marks another important step toward Libya’s further integration into the global economy,” said USLBA Executive Director Chuck Dittrich.
“Since 1991 the EBRD has fostered in its member countries the transition toward open and democratic market economies, and Libya’s admittance serves as recognition of the ongoing progress that has been achieved during its democratic transition.”
Membership in the EBRD affords Libya access to a skilled partner in implementing the highest corporate governance and sustainable development standards. By providing direct project finance through loans, equity investments and guarantees and through targeted technical assistance, the EBRD can assist Libya as it develops the institutional infrastructure and human capital necessary to move from a subsidy-based to an innovation economy.
In addition to EBRD membership, USLBA encourages Libya to sign a pending Investment Incentive Agreement with the United States to allow the U.S. Overseas Private Investment Corporation (OPIC) to open for business in the country, accelerate its accession to the World Trade Organization and allocate the budget needed to immediately spur job creating domestic development projects currently on hold.