The African Development Bank Group (AFDB) is moving to re-engage with Libya after its Country Re-Engagement Note 2014-2016 was approved by the Bank Group’s Board on Thursday, 15 May in Tunis.
According to the note, Libya’s new political landscape gives the Bank the opportunity to renew and expand its engagement with the country, a key shareholder with a subscribed capital of 4.057% as of December 31, 2013.
Libya also pledged US$ 37 million in contribution to the 13th replenishment of the African Development Fund, the concessionary window of the Bank Group, a clear signal of the country’s interest in re-engaging with AfDB.
The Note proposes that the Bank explore opportunities to work with Libyan authorities and international partners in areas that are in line with creating the basis for promotion of stability and inclusive growth in the country.
Presenting the Note to the Board, the AfDB North Africa Department Director, Jacob Kolster (pictured), said that the re-engagement aims at assisting Libya’s political and economic transition while creating a constructive partnership to benefit the rest of the African continent.
He added that, given Libya’s immense financial resources as well as its existing network of investments across Africa, an investment partnership could be of strategic value for both Libya and the Bank.