The Tripoli based Minister of Economy and Trade, Mohamed Al-Hwej, issued a Ministerial decision yesterday approving the regulations for granting guarantees to the credit fund. The fund works to guarantee a proportion of the risks facing financial institutions operating in Libya, such as banks, to finance economically viable projects. It is hoped that the decision, reducing the exposure of banks to business loan risks, will encourage banks to take more risk in giving out loans to businesses and help motor the private sector Libyan economy. The decision coincides with Libya signing an MoU yesterday with the Islamic Development Bank Group (IsDB) to establish the National Fund for Economic Empowerment. Libya signs MoU with Islamic Development Bank to establish the National Fund for Economic Empowerment (libyaherald.com)
