Misrata is playing a central role in the diversification of Libya's economy, focusing on the shipping, manufacturing, automotive, construction, ICT, health care and education sectors. With strategic ports like Tripoli, Benghazi and Misrata, the government aims to make the country an international trade hub through partnerships with private investors for port modernisation. Tax incentives and free
FITA 2023 is an opportunity for institutions and economic operators to meet the fine flower of international finance, CEOs, donors and investment funds, in order to address challenges to facilitate access to financing and to discuss financial mechanisms for reviving the African economy, development tools for Inter-African trade and investment levers on the continent. FITA 2023 objectives : A…
Creating an ecosystem for financial technology (fintech), most particularly at a subnational level as in the city of Misrata, is crucial for both technological advancement and economic growth. Fintech ecosystems are typically built on five pillars: start-ups, technology developers, governments, financial customers and traditional financial institutions. However, these pillars vary depending on economic…
Libya’s banking sector compares favourably to some of its neighbours. For example, as of June 2021 over 65.7% of Libyans had financial accounts; as of February 2022 over 81% lived in urban areas and therefore had access to financial services, while 49.6% were active internet users. In comparison, the banking and internet penetration rates in neighbouring Egypt in 2022 were 60.6% and 72.2%,…
Libya and Misrata’s insurance and non-banking sectors have been of great interest and concern in recent years. Due to political and economic issues, there has been a growing need for effective financial services and risk management. Misrata, in particular, has emerged as an important centre for Libya’s insurance and non-banking financial sectors, attracting local and international players. Despite…
Libya’s banking sector was somewhat underdeveloped before the 2011 conflict, and its government-controlled banking system served primarily as a means to finance public projects with deposits. Due to the introduction of new players, innovative products and services and regulatory reforms, the banking sector in Libya and Misrata has undergone significant changes. The Central Bank of Libya (CBL) and…
Interview:Farouk Laabidi What is your assessment of the local banking sector? FAROUK LAABIDI:Misrata’s local economy and banking sector have remained resilient amid various challenges. After the Covid-19 pandemic the city has seen a revival with new businesses starting up. The banking sector plays an important role in helping to support this economic activity for both consumers and businesses.…
Due to the introduction of new players, innovative products and services and regulatory reforms, the banking sector in Libya and Misrata has undergone significant changes. The Central Bank of Libya (CBL) and the Libyan Foreign Bank – which is 100% owned by the CBL – oversee and regulate the industry, with the Bank of Commerce and Development, the National Commercial Bank and Sahara Bank among the…
Djibouti’s insurance market has made progress in recent years. The sector finished 2022 with four insurance players, up from the two operating in the market in 2021, and additional competitors are considering their own entry. The authorities expect the new players to help stimulate innovation and increase insurance penetration. Although transport and shipping activities have driven economic growth,…
Amid record levels of cryptocurrency crime, many emerging markets are looking at ways to strengthen their cryptocurrency-related protections. The incidence of cryptocurrency-linked crime is increasing as the uptake of the payment medium rises rapidly and broadly. An all-time high of $20.6bn in digital currencies was transferred to illegal addresses in 2022, according to blockchain data platform Chainalysis,…