The Ministry of Economy and Trade of the Government of National Unity announced on Saturday that the United States Agency for International Development (USAID) had signed an agreement worth two million dinars with Al-Saraya Bank to fund small and medium enterprises in the southern region. 

This announcement came during a meeting for Minister Mohammed Al-Huweij and the director of the Libyan Economic Acceleration Project, Michelle Bradford, in the presence of the minister’s advisor, Shather Al-Sayd.

The Ministry explained that implementation of the agreement will begin next July, with the USAID providing technical support, while the bank is tasked with providing financing. Meanwhile, Bradford indicated that her meetings with the Central Bank of Libya resulted in choosing Al-Wehda and Al-Sahara Banks to finance other projects in the south.

During the meeting, Al-Huweij was briefed on the mechanism of the Libyan economy acceleration project. The Ministry of Economy explained that this project aimed to provide technical support to small and medium enterprises, and to establish programs to train and develop owners of entrepreneurial ideas through banking and non-banking financing tools under the supervision of the Central Bank of Libya and related sectors.

The Minister called for strengthening cooperation between the Ministry and its affiliated agencies with those in charge of the project, and identifying the targeted projects and regions, reiterating support for the development of small and medium enterprises in the southern region to enhance their economic growth and provide new job opportunities there.