Beijing: The Central Bank of Libya and the People's Bank of China have reached a significant agreement for Libyan banks to join the Cross-Border Interbank Payments System (CIPS) and access the Chinese bond market, marking a new chapter in financial cooperation between the two nations. This landmark deal includes plans to launch the first Libyan-Chinese Banking Forum in early 2027, aimed at boosting financial and banking ties.
According to Libyan News Agency, the agreement was finalized during discussions between Naji Issa, Governor of the Central Bank of Libya, and Pan Gongsheng, Governor of the People's Bank of China, in Beijing. The Central Bank of Libya announced that the talks focused on enhancing financial cooperation and developing an institutional partnership between the two central banks to support the financial sector's growth and adaptability to global economic changes.
Both parties expressed that Libyan banks' participation in the CIPS system will facilitate financial transactions and improve the efficiency of payment operations between Libya and China. This move is expected to enhance trade flow and support business communities in both nations. Pan Gongsheng welcomed the initiative to diversify Libyan investments in the Chinese bond market, reaffirming China's support for Libya's efforts to diversify its investment portfolio and boost reserve management efficiency.
The discussions also included exploring China's experience in financial sector development, digital payment systems, and modern financial technologies. These insights are intended to aid the Central Bank of Libya in modernizing its banking services and improving operational efficiency in line with international standards.
Both sides highlighted the importance of ongoing coordination, expertise exchange, and strengthening institutional cooperation to expand economic and financial collaboration. This cooperation aims to build a deeper and more sustainable strategic partnership.
The talks concluded with an agreement to inaugurate the first Libyan-Chinese Banking Forum during the China-Africa Forum in early 2027, providing a platform for banks and financial institutions from both countries to explore investment partnerships and cooperation opportunities in the financial and banking sector.