Libya has officially become the 53rd member state of the African Export-Import Bank (Afreximbank), a significant step toward enhancing intra-African trade and economic integration.
The membership was formalized when Libya’s Minister of Finance, Dr. Khaled Al-Mabrouk Abdullah, signed the accession document, which outlines the country’s commitment to advancing trade, infrastructure development, and economic diversification.
The agreement focuses on several high-impact development projects, such as the Misurata Free Zone, aimed at transforming Libya into a logistics and trade hub, and the construction of a road connecting Libya, Chad, and Niger, which will enhance regional connectivity and intra-African trade.
Afreximbank will also provide vital financial and technical assistance to the Sahel-Saharan Bank for Investment and Trade (BSIC) to expand its operations in East Africa, as well as support Libyan exporters in gaining access to African markets.
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Libya’s accession marks a pivotal moment in the country’s ongoing efforts to rebuild its economy and reestablish its position as a key trading hub in North Africa.
Libya’s economic potential is evident, with a GDP of $50.49 billion in 2023, making it the 12th largest economy in Africa. However, less than 10% of its trade occurs with other African nations. By joining Afreximbank, Libya gains access to an extensive range of financial products and services, which will facilitate trade and investment, help develop infrastructure, and diversify the country’s economy.
Afreximbank’s President, Professor Benedict Oramah, expressed enthusiasm about Libya’s membership, noting that Libya’s strategic location and historical ties to Africa position it as a crucial player in advancing the continent’s economic integration. He highlighted the mutual benefits that Libya and Afreximbank would derive from this partnership, which aligns with the broader goals of the African Continental Free Trade Area (AfCFTA).
Libya’s integration into Afreximbank gives it access to an extensive range of financial products and services, facilitating trade and investment, and helping develop infrastructure. This, in turn, will enable Libya to diversify its economy, reducing its dependence on a single industry.
