Libya has formally joined the African Export-Import Bank (Afreximbank) as its 53rd member state, marking a critical step in the country’s journey toward economic recovery and regional integration. The move positions Libya to expand its role in African trade and strengthen its economic foundation through targeted investments and partnerships.
The accession was finalized with the signing of the Afreximbank Establishment Agreement by Libya’s Minister of Finance, Dr. Khaled Al-Mabrouk Abdullah. The agreement outlines areas of collaboration, including trade development, infrastructure projects, and financial initiatives aimed at fostering economic diversification and sustainability.
A Platform for Transformation
Under the partnership, several high-impact projects are set to reshape Libya’s economic landscape:
- Misurata Free Zone Development: Designed to position Libya as a logistics hub in North Africa.
- Libya-Chad-Niger Road: Aimed at enhancing regional connectivity and intra-African trade.
- Support for BSIC Bank Expansion: Strengthening the Sahel-Saharan Bank for Investment and Trade’s operations across East Africa.
- Exporter Training Initiatives: Providing Libyan businesses with access to trade finance and tools to enter African markets.
Libya’s economy, valued at $50.49 billion in 2023, has struggled with low levels of intra-African trade, which accounts for less than 10% of its total trade volume. This partnership with Afreximbank is seen as a catalyst for reversing this trend and unlocking the country’s trade potential.
A Strategic Step Toward Integration
Speaking on the agreement, Professor Benedict Oramah, President of Afreximbank, described Libya’s accession as a pivotal moment for both the nation and the continent.
“This collaboration enables Libya to diversify its economy, rebuild its infrastructure, and reclaim its historical role as a key player in African trade,” Oramah said. “With Libya’s strategic location and untapped potential, the partnership will also contribute to the broader goals of Africa’s economic integration.”
Dr. Khaled Al-Mabrouk Abdullah highlighted the immediate benefits of the partnership, emphasizing the importance of Afreximbank’s technical and financial support in aiding Libya’s reconstruction and integration efforts.
Aligning with Africa’s Continental Vision
Libya’s membership is expected to accelerate its alignment with the African Continental Free Trade Area (AfCFTA), which aims to deepen economic ties across the continent. The move also reinforces Afreximbank’s mission to drive sustainable development and regional connectivity, with Libya emerging as a critical player in this transformation.
As the nation takes steps to finalize the ratification of the Afreximbank agreement, Libyan officials remain optimistic about the opportunities ahead. From infrastructure to trade facilitation, the partnership is set to redefine Libya’s role within Africa’s economic ecosystem, offering a pathway to growth and resilience.