The African Development Bank Group has approved a $1 million grant for a project aimed at helping entrepreneurs in Libya develop business skills and gain access to finance.
According to the bank’s 27 October announcement, the Private Sector Development and Entrepreneurship Enhancement project will train 200 entrepreneurs in business planning, financial literacy, project management, pricing and marketing. The bank says women will account for 40% of participants and young people for 50%.
Libya’s National Economic and Social Development Board will implement the project on behalf of the state, working with Expertise France. The plan also includes training 50 banking professionals in small-business lending and Islamic finance, and working with at least four financial institutions and business-support providers.
The grant comes from the bank’s Middle-Income Country Technical Assistance Fund. The bank says the work will also help update Libya’s private-sector development roadmap and improve information used in lending decisions. These are planned activities; the bank has not said they are complete.
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