The study gave five recommendations to help provide more finances to Libya’s SME sector, which are to:
- Create an independent body to help provide access to funding from public and private sectors
- Open the channels of communication to encourage funders to support SMEs
- Raise national awareness of the importance of innovation and entrepreneurship for economic development
- Initiate special programmes and schemes to improve the effectiveness of business incubators
- Make development agencies, such as development banks, key players in establishing sponsorship of SME incubators
Mr Elmansori added:
“SMEs can play a significant role in generating income, developing skills, creating employment and alleviating poverty in Libya.
“SME owners, financiers, banks and the government must undertake new strategies to overcome the challenges which SMEs and finance providers face.
“Only by doing so will SMEs in Libya be able to fulfil their true potential and chart the course for a better and more prosperous economic future.”