Libya Officially Joins Afreximbank, Boosting Economic Prospects
Libya has officially become the 53rd member state of the African Export-Import Bank (Afreximbank), a pan-African institution dedicated to intra- and extra-African trade. This membership marks a significant step forward for the country, which seeks to revitalize its economy after over a decade of political and security crises.
Joining Afreximbank opens up new opportunities for Libya, including the implementation of strategic projects such as the Misrata free zone and the construction of a road connecting Libya to Chad and Niger, aimed at stimulating regional trade flows. Additionally, the Sahel-Saharan Investment and Trade Bank (BSIC), based in Libya, will receive technical and financial support to strengthen its activities in East Africa.
This development will also have a significant impact on Tunisia, Libya's strategic economic and trade partner. In 2022, the volume of trade between the two countries exceeded 3 billion dinars. Over 1,000 Tunisian companies export their products to the Libyan market, highlighting the importance of this relationship for the Tunisian economy.
Finally, Afreximbank will support Libyan exporters through tailored financing and specialized training, facilitating their access to African markets and contributing to regional economic integration.
