Tripoli: The ‘Banking Investment and its Role in Promoting Economic Development’ symposium, organized by the Central Bank of Libya, commenced this morning in Tripoli. The opening ceremony was attended by prominent figures, including the President of the High Council of State, Mohamed Takala; Prime Minister of the Government of National Unity, Abdul Hamid Dbeibah; and the Governor of the Central Bank of Libya, Naji Issa. Other attendees included the Director General of the National Council for Economic and Social Development, Mahmoud Al-Futaisi, alongside several ministers, undersecretaries, experts, and representatives from local and international banking institutions.

According to Libyan News Agency, the symposium’s primary aim is to strengthen the banking sector’s role in supporting development and promoting sustainable investment in Libya. It seeks to explore methods to support productive and service sectors, expand the investment base, and stimulate the private sector’s active contribution to the national economy.

The event also focuses on facilitating the exchange of international experiences and best practices in finance and banking investment. It includes reviewing modern mechanisms for risk management and improving financial performance. The symposium began with a presentation on the Central Bank of Libya’s role in strengthening the national economy and financing economic projects, contributing to sustainable development.

Following the presentation, scientific sessions featured several papers discussing topics such as banking investment in Libya, problems and proposed solutions, central bank operations’ evolution and objectives, investment opportunities in the Libyan economy, and the role of investment banks in economic activity. Other topics included foreign exchange’s role in economic growth, the contribution of various sectors to GDP, and the banking sector’s contribution to economic diversification.

Speakers reviewed export indicators and economic diversification in Libya from 2016 to 2020, alongside several successful banking experiences in other countries, providing valuable insights into potential growth avenues for Libya’s banking sector.