The Central Bank of Libya has adopted the new regulatory framework for the credit usage system in a step geared toward developing the credit information center and enhancing transparency and availability of data, conducive to the improvement of the business environment in Libya.
This step opens new doors for small and medium-sized companies in Libya to secure financial support with their accreditation from the Central Bank of Libya, with a contribution from France Experts Institution through the EU-funded E-Nable project.
For this purpose, the institution organized several workshops and training courses, which played a major role in ensuring that the regulatory framework is compatible with international best practices and addressing the specific needs of the Libyan financial system.
The Director of the Libyan Credit Information Center, Nabil Abu Jannah, said, “We welcome the Central Bank of Libya’s approval of the new legal framework for the Libyan Credit Information Center and recognize its ability to bring about positive change.
“We affirm our commitment to working with our international partners to facilitate fair access to financing and strengthen the financial system throughout Libya.” He added.
For his part, Nicolas Orlando, the European Union Ambassador to Libya, said: “It is another important contribution from the European Union to Libya’s efforts to develop a sound and effective business environment for all.
“The center’s operations are important for improving credit risk management. The workshops dedicated to capacity building have provided the center’s employees with experience in information management.” He went on to say.
He also said we will continue to build on this important achievement through a new program that strengthens the Libyan financial sector, in cooperation with the Central Bank of Libya.
