Washington: A delegation from the Government of National Unity met with the Business Readiness Unit team of the International Finance Corporation (IFC), the investment arm of the World Bank. The meeting took place on the sidelines of the annual meetings of the World Bank and the International Monetary Fund.
According to Libyan News Agency, the meeting focused on Libya’s potential inclusion in the International Business Readiness Reports. These reports assess countries’ investment readiness by examining regulations, legislation, and the efficiency of government services that affect the business environment.
This meeting builds upon a memorandum of understanding signed between the Libyan government and the World Bank last year. The agreement aims to develop the legislative environment and enhance partnerships between public and private sectors.
The Libyan delegation comprised the Minister of Oil and Gas, Khalifa Abdul Sadiq, the Undersecretary General of the Ministry of Health, Mohammed Al-Ghouj, the Head of
the Executive Team for Presidential Initiatives and Strategic Projects, Mustafa Al-Manea, the Board Member of the Renewable Energy Authority, Aseel Artima, and the Undersecretary of the Ministry of Economy and Trade, Suhail Boushiha.
Representing the IFC were Tania Ghosn, Senior Expert in Business Legislation, and Valeria Labiroti, Director of the Business Readiness Unit, along with several experts in investment climate development.
The meeting reviewed the technical steps required for Libya’s upcoming inclusion in the international report and its influence on enhancing transparency and improving the country’s ranking in the Doing Business indicators.
The government delegation reiterated Libya’s commitment to updating legislation and simplifying procedures in collaboration with the IFC. This collaboration aims to support the private sector and promote sustainable economic development.