Washington: The Governor of the Central Bank of Libya, Naji Issa, has entered into a cooperation agreement with Jorge Familiar, Vice President of the Treasury at the World Bank. The agreement, signed at the World Bank headquarters, is part of the Reserves and Asset Management Partnership (RAMP) program. It is designed to enhance the management of Libya’s foreign exchange reserves by adopting international best practices in asset allocation, portfolio management, and risk management.
According to Libyan News Agency, the agreement also focuses on developing human capacity, information infrastructure, the accounting framework, financial reporting, and the legal framework. These enhancements aim to improve the efficient and effective management of financial assets. The Central Bank of Libya will join a network of over 90 financial institutions and sovereign wealth funds globally as part of this initiative.
Furthermore, the Central Bank’s publication indicates that this agreement will allow the bank to expand its network of counterparts in investment and reserve management. It facilitates the exchange of expertise and the adoption of international standards in financial practices.