The Ministry of Finance has signed an agreement with the Islamic Development Bank (IDB) Group to establish a development fund titled "Tamkeen" to support small, micro, and medium-sized projects in Libya.

"The fund aims to finance micro, small, and medium-sized projects through the economic empowerment mechanism in Libya supported by the Islamic Development Bank," a statement by the Finance Ministry said.

The agreement was formally signed on Monday on the sidelines of the World Economic Forum meetings in Riyadh. The Minister of Finance, Khalid Al-Mabrouk, was present, underscoring the commitment to enhancing cooperation between Libya and the IDB.

During the signing ceremony, Libya was represented by a coalition of key institutions involved in the economic empowerment program, including the Central Bank of Libya, serving as the largest contributor, alongside the Ministry of Local Governance, the Rural Bank, the Credit Guarantee Fund, the National Program for Supporting Small and Medium Enterprises, the Financial Facilities Fund, the American "Kimonics" Foundation, the French Experts Foundation, and the Regional Office of the United Nations Development Program in Libya. On the other side of the agreement stood the IDB.

The ministry emphasized that once operational, the "Tamkeen" fund is poised to proactively bolster the private sector's contribution to the national economy, prioritizing key economic and social sectors in Libya.