Minister of Economy and Trade discussing financing opportunities for SMEs

Libya’s Minister of Economy and Trade, Mohamed Hwej, discussed on Monday at his Ministry’s Tripoli headquarters, a mechanism for cooperation between the financing agencies and the National Program for Small and Medium Enterprises to find financing opportunities for a number of micro-projects.

The Ministry said this comes within the framework of its work plan for the year 2023, which leads to providing job opportunities and addressing the proportion of unemployment and overcrowding in the public sector as well as its role in the process of economic development.

In the presence of Nasser Bouzgia, Director of the National Program for Small and Medium Enterprises, Farouk Laabidi, General Manager of the Assaray Trade and Investment Bank (ATIB) the General Manager of the Credit Fund and Director of the Western Region Branches Department of the Rural Bank.

For his part, Bouzgia confirmed in a statement to the Libya Herald that there are many creative ideas, youth innovations and projects submitted by young people within the framework of training, qualification, and preparation to obtain the necessary financing in order to actually start working.

He pointed out that the National Program for Small and Medium Enterprises, through its business incubators, previously provided training and rehabilitation for a number of youth projects during the past years and stopped providing the necessary financing for them from various financing agencies.

Bouzgia stressed that their presence today comes as part of finding a solution to the financing problem and its mechanisms in the presence of a number of local banks that seek to contribute with practical proposals.

They seek to support and finance youth projects that will have a prominent role in advancing the national economy, diversifying sources of income and providing job opportunities while reducing the unemployment rate and easing pressure on the public sector, which has become the first destination for young people due to the lack of job opportunities in the private sector.