Category: Business

Tripoli-GNU Minister of Oil and Gas Mohamed Aoun, and a member of the Executive Council of the Organization of African Petroleum Producing States (APPO), discussed on the sidelines of the ministerial meeting of the Organization plans and mechanisms for establishment of the African Energy Bank in the manner of the Energy Investment Corporation of Africa.

For his part, “Aoun” called for the establishment of the African Energy Bank as soon as possible with the aim of implementing projects to produce renewable energies through these revenues, pointing out that international banks will put restrictions on the implementation of financing of oil projects, which will deprive the African continent of benefiting from the oil riches that still exist in the African continent.

The African Energy Investment Foundation was founded by the of African Petroleum Producing Organization (APPO), with the aim of supporting Africa’s oil industry and benefiting from it in the development of African member countries and supporting transformation plans for renewable energy production.

Source: Libyan News Agency

Tripoli- The Chamber of Commerce, Industry and Agriculture in the Libyan municipality of Jafara and the Chamber of Commerce and Industry northeast of Bizerte, Tunisia, signed, today, Tuesday, in Tripoli, a memorandum of understanding aimed at increasing the volume of trade exchange and expanding the horizons of cooperation between commercial, industrial and service institutions and companies in the two countries.

The memorandum of understanding – which was supervised by the Libyan Ministry of Economy and Trade – is concerned with enhancing communication between economic and commercial activities in the two countries, and exchanging laws, legislation and studies on economic activity and economic and trade information and statistics related to the markets in both countries.

The memorandum also aims to increase the volume of trade exchange and expand the horizons of cooperation between commercial, industrial and service institutions and companies in the two countries, and to focus a strategy for direct bilateral cooperation in order to head towards the African market.

In a speech after signing the memorandum of understanding, the Minister of Economy and Trade, Muhammad al-Hawij, stressed the need to activate the role of the Chamber of Commerce, Industry and Agriculture and to enhance its role in supporting industrial and agricultural activities in the region, which possesses the ingredients to achieve spatial development with the participation of the private sector, the source of the national economy.

Al-Hawij stressed the importance of developing a joint work program as a result of the concluded memorandum of understanding that contributes to strengthening trade and industrial cooperation, activating transit trade towards the African market, and contributing to providing the necessary facilities for business owners, investors and manufacturers in order to increase production and develop the local industry.

The signing ceremony of the memorandum of understanding was attended by the Minister of Economy and Trade Muhammad Al-Hawij, the Tunisian Ambassador to Libya Asaad Al-Ajili, the Undersecretary for Free Zones Affairs and the Director General of the Export Development Center of the Libyan Ministry of Economy, members of the Supreme Council of the State, the President of the Libyan-Tunisian Economic Chamber and the Director of the Private Sector Development and Investment Department at the Ministry of Economy and Trade. And a group of businessmen and investors from both countries.

Source: Libyan News Agency

Washington – Libyan Economic Monitor Report of the World Bank warned that Libya is facing enormous economic challenges, in light of continued disintegration of state institutions and social challenges, with the tense political situation.

In the report, the World Bank noted Libya’s need for urgent investments in infrastructure, and social assistance for vulnerable groups, including a more effective and regular pandemic vaccination campaign.

Jesco Henschel, the Regional Director of the World Bank for the Maghreb and Malta, said that Libya desperately needs unified institutions, good management, strong political will, and long-awaited reforms, noting that the performance of the local economy in 2020 was the worst in recent years.

In light of the problems in the oil sector, and Covid pandemic, the report warned that growth in non-oil sectors remained weak, hampered by the ongoing conflict and poor services.

The World Bank affirmed its commitment to support Libya through technical assistance and analytical services, in addition to financing trust funds and grants.

Source: Libyan News Agency

Tripoli-The International Monetary Fund (IMF) predicts that prices and inflation rate in Libya will continue to rise to 7.3%, indicating that it could decline to 2.4% next year.

In a report entitled “Global Economic Outlook 2022”, the IMF said credibility of Libyan data, particularly with regard to calculations and medium-term projections, is low, against the backdrop of war and weak capacity.

Libya’s GDP growth will reach 3.5% this year and is expected to rise to 4.4% in 2023 and fall to 3.6% in 2027, according to global economic outlook data.

The Governor of the Central Bank of Libya, Al Sidiq Al Kabir had earlier discussed with the Director of the Middle East and Central Asia Department of the International Monetary Fund (IMF) Jihad Azur and Deputy Director of the Department of Financial and Monetary Markets Mekel Savasano IMF support for the central bank’s capabilities in the field of statistics, indicators, monetary policies and the program of visits of the fund’s technical teams to Libya.

Source: Libyan News Agency

TRIPOLI— Libya’s state oil company said armed clashes at the western port of Zawiya have damaged several storage tanks, as a worsening political crisis engulfs the OPEC member’s energy sector.

“Preliminary assessments indicate that 29 sites, including oil derivatives tanks and several other tanks, have been damaged,” the National Oil Corp. said in a statement.

Libya’s daily production has fallen by about 500,000 barrels from 1.3 million in the past 10 days as protesters calling for Prime Minister Abdul Hamid Dbeibah to quit shut down ports and fields.

The NOC has been forced to close Sharara and El Feel in the west, and some eastern deposits.

“The NOC calls on everyone to show restraint and keep oil facilities away from any armed actions,” it said.

Libya was meant to hold a presidential election in December, but it was delayed with just days to go, dealing a blow to peace efforts.

Dbeibah is resisting demands from some lawmakers to resign after they declared former interior minister Fathi Bashagha as prime minister in February.

Source: NAM NEWS NETWORK

Tripoli- Ministry of Finance of the Government of National Unity expressed its strong condemnation of what it described as a fierce and suspicious campaign targeting the Ministry and the Minister of Finance.

The ministry considered, in a statement, Monday, that the misleading news reported to the public opinion on some social media pages to spread sedition and confuse the scene, and that everything that came in these leaflets is pure slander and baseless false news to undermine the minister and to confuse the work of the Ministry of Finance.

Source: Libyan News Agency