The Ministry of Finance of the Government of National Unity announced the submission of a proposal to remove the interest on loans granted by the Arab Fund for Economic and Social Development to the General Electricity Company of Libya (GECOL).
This came during a meeting between Minister Al-Mabrouk and the Fund’s Chief Advisor, Mirza Hassan, as part of a series of meetings he is holding in Washington DC on the sidelines of participation in World Bank meetings.
The meeting discussed the possibility of the Fund providing support to Libya in the field of attracting investments by helping to prepare feasibility studies and providing guarantees on risks, in addition to supporting the Ministry of Finance’s initiative to establish a fund to support the private sector in the field of innovations and knowledge in order to facilitate investment opportunities for local investors and young people.
The statement added that the two sides reviewed the current status of the loans granted to GECOL, and considered the Libyan side’s proposal about the possibility of canceling the interest resulting from those loans.
The Ministry did not clarify the size of the loans or the interests, but it indicated that the Fund’s advisor promised to study the proposal, and then return to the Ministry of Finance to discuss the details and implementation steps.
