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Libya Joins African Export-Import Bank

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On December 24, 2024, Libya officially acceded to the African Export-Import Bank (“Afreximbank”) Establishment Agreement, becoming the 53rd member state. This development marks progress in fostering greater regional trade and investment collaboration.

The membership lays the groundwork for cooperation on key development projects in Libya, with a focus on trade facilitation, infrastructure development, and financial support. Among the identified initiatives are the development of the Misurata Free Zone and the construction of a road connecting Libya with Chad and Niger, projects anticipated to boost intra-African trade. Additionally, efforts will include technical and financial support to expand regional banking operations and enhance Libyan exporters’ access to African markets.

This partnership not only underscores the importance of strengthening Libya’s role in intra-African trade but also highlights its potential to contribute to the broader economic integration agenda across the continent. Joining Afreximbank paves the way for further collaboration aimed at supporting economic diversification and infrastructure development in Libya.

Finally, the President and Chairman of the Board of Directors at Afreximbank expressed strong approval of Libya’s decision to join the Bank, emphasizing the mutual advantages that both parties stand to gain from the partnership.