The Libyan Industry Union signed a memorandum of cooperation on 26 September with the Maghreb Bank for Investment and Foreign Trade (BMICE) in Tunisia, under the auspices of the Ministry of Economy and Trade and the Libyan Embassy. The agreement was signed at the BMICE's headquarters in Tunis.
Speaking directly to Libya Herald at the LIU’s Tripoli headquarters yesterday, the LIU’s Executive Director, Ali Nuseer, explained that while the agreement still needs work from the Libyan side to activate it, but that it aims to achieve national goals in economic and social development and enhance financing opportunities for Libyan industrial enterprises.
He said the general framework for LIU members to work with the BMICE is now set but that there needs to be an interface mechanism with local Libyan banks and the Central Bank of Libya.
The first memorandum signed by the Maghreb Bank with the Libyan side
Commenting on the agreement, the Tripoli based Ministry of Economy and Trade said this is the first memorandum signed by the Maghreb Bank with a Libyan entity. It also noted that Libya is a major shareholder and founder of the BMICE.
This cooperation represents a strategic step towards supporting the Libyan industrial sector and providing innovative financing tools that contribute to advancing sustainable development, the Economy Ministry added.
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