SME financing units established by two Libyan banks

banking - October 28, 2020

Jumhouria Bank and the Arab Commercial Bank recently approved the establishment of SME units to serve small and medium-sized enterprises (SMEs), Expertise France reported today.

The establishment of the SME units came after a series of preparatory meetings with the French Public Investment Bank (BPI France) organized by Expertise France.

The establishment of the new SME units comes within the framework of the European programme to support the private sector in Libya, the EU for the Private Sector in Libya (EU4PSL), funded by the European Union.

Expertise France explained that these units will play a decisive role in easing Libyan SMEs’ access to credit and to build a supportive environment for their development.

It added that work is still in progress with other banks to establish similar units to create a positive environment that helps companies to expand and succeed.