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The State of Libya has officially acceded to the African Export-Import Bank (Afreximbank) Establishment Agreement, becoming the 53rd member state.
This milestone marks a significant step toward full continental coverage and reinforces Africa’s integration agenda through trade and investments.
The accession document, signed by His Excellency Dr. Khaled Al-Mabrouk Abdullah, Libya’s Minister of Finance, sets the foundation for collaboration between the Libyan government and Afreximbank on critical development initiatives. Among the priority projects are:
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- Misurata Free Zone Development: Financing and infrastructure enhancements aimed at boosting Libya’s trade capacity.
- Cross-Border Road Construction: Building a road to connect Libya with Chad and Niger, fostering intra-African trade.
- Support for BSIC: Providing financial and technical assistance to the Sahel-Saharan Bank for Investment and Trade to expand its operations across East Africa.
- Capacity Building for Exporters: Delivering technical training and support to Libyan exporters to improve trade finance structuring and access to African markets.
Minister Al-Mabrouk described Libya’s accession as a “milestone” in the country’s efforts to rebuild its economy and re-establish its role as a key player in regional trade.
“This partnership will not only provide vital financial and technical support to Libya but also enhance the country’s role in intra-African trade,” he said.
Libya’s historical and strategic ties with the rest of the continent make it a vital actor in advancing Africa’s economic integration. By joining Afreximbank, Libyan public and private sector entities will gain access to an extensive portfolio of funded and unfunded services aimed at fostering trade and investment, developing infrastructure, and diversifying the Libyan economy.
Libya’s GDP, valued at $50.49 billion in 2023, positions it as the 12th largest economy in Africa. Yet, less than 10% of its trade is currently with other African nations. Professor Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank, emphasised the transformative potential of Libya’s membership:
“We warmly welcome the State of Libya to the Afreximbank Global Africa family. The signing of the Afreximbank Establishment Agreement represents a unique opportunity for Libya to increase its trade with other African countries, thereby unlocking its untapped economic potential.”
Libya’s membership in Afreximbank lays the groundwork for ratifying the establishment agreement, a final step in completing its accession. The partnership is expected to catalyse reconstruction, economic diversification, and trade facilitation, reaffirming Libya’s position as a hub for intra-African trade.
This development also aligns with Afreximbank’s broader mission to improve trade conditions and economic opportunities across the continent, furthering Africa’s collective prosperity.
