(4 Minutes Read)
The GNU Minister of Finance, Khaled Al-Mabrouk, met in Tripoli with the German Ambassador to Libya, Michael Ohnmacht, and an accompanying business delegation. The meeting discussed ways to support German economic institutions in contributing to the reform programs and projects pursued by the ministry to develop public finance, including digital transformation, building public budgets, and distributing them at the local level.
The meeting also discussed the possibility of returning German companies to contribute to development and reconstruction projects and build cooperation between the two countries. The subjects that came up for discussion included digital transformation and technical cooperation in the area of local administration with the German Foundation for International Cooperation (GIZ). Both sides also discussed the importance of diversifying the Libyan economy beyond fossil fuels.
Earlier in June this year, a German delegation visited Libya to discuss modalities for resuming their projects and investing in the country by entering into a partnership with the local private sector. That was a follow-up of the recommendations of the Libyan-German Forum. The Forum was held in the capital Tripoli, last March, under the auspices of the Prime Minister of the Tripoli-based Libyan government, Abd Alhamid Aldabaiba.
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The Forum stressed the establishment of a practical mechanism for the return of German companies to work in Libya and the resumption of stalled investment projects in various regions. It also seeks to strengthen trade cooperation and networking between the private sectors in the two countries to implement and activate the free and private zones targeted by the Ministry of Economy and Trade’s plan for economic diversification. The establishment of the African Continental Free Zone and its importance to the Libyan state were highlighted at that time and invited Germany to use Libya as a hub for enhancing its footprint in the expanding African common market.
