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UNDP and Ministry of Marine Resources sign MoU to advance Libya's blue economy
via Libya Herald1 min read
The Ministry of Marine Resources and UNDP Libya signed a Memorandum of Understanding in Tripoli on Thursday, April 16, to advance Libya's Blue Economy. The UNDP stated that Libya's extensive Mediterranean coastline positions it to diversify its economy, create employment, and ensure food security through sustainable marine resource management. This partnership will establish a framework for collaboration in developing a National Blue Economy Strategy, strengthening institutional capacities, advancing aquaculture, and protecting marine ecosystems. The agreement builds on ongoing collaboration supported by the Government of Italy, aiming to translate policy priorities into investable programs for Libya's coastal communities. Sophie Kemkhadze, UNDP Resident Representative in Libya, noted that the Blue Economy offers a way to diversify the economy while protecting marine ecosystems and creating new opportunities for coastal communities.
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The Libyan Business Council LBC announced that the Libyan British Business Forum will take place on June 22 in London. This forum is a result of a cooperation agreement between the LBC and the West London Chamber of Commerce in the UK. Discussions regarding the establishment of a Libyan-British Forum for Economic Cooperation in the private sector preceded this event. The forum is expected to host numerous British companies from various sectors and will include B2B meetings.
Must ReadThe Central Bank of Libya and the People's Bank of China have reached an agreement to link Libyan commercial banks to the Chinese Payments and Settlement System CIPS. This initiative, decided during the IMF Spring Meetings 2026 in Washington DC, aims to simplify financial transfers and enhance trade between the two nations. Naji Issa, Governor of the Central Bank of Libya, and Pan Gongsheng, Governor of the People's Bank of China, discussed increasing trade volume and establishing a strategic partnership. The agreement will enable direct transfers to China and the opening of letters of credit through Chinese banks, which is expected to benefit small traders and reduce informal market dealings. This move is also intended to improve compliance with anti-money laundering and counter-terrorism financing standards, thereby enhancing the reputation of the Libyan banking sector. An official Libyan banking delegation, led by the Governor, will visit China to foster bilateral cooperation and learn from China's experience in electronic payments and direct financial transfers. CIPS, launched in 2015, offers a secure alternative to SWIFT for cross-border transactions in Chinese Yuan, promoting RMB internationalization and reducing reliance on the US dollar.
Must ReadThe Libyan Investment Authority LIA announced on April 15 that it will revalue its diversified investment portfolio to align with its strategy and reinforce good governance, transparency, and disclosure. This valuation will be conducted by one of the Big Four global auditing firms, adhering to high professional standards and international practices. The initiative extends the LIA’s efforts to enhance asset management efficiency; the last comprehensive valuation on December 31, 2019, estimated assets at approximately US$68.3 billion. This strategic step aims to improve financial data quality, enhance disclosure, and ensure fair value reflection in consolidated financial statements, providing a more accurate picture of the Authority’s investments. The updated valuation will support strategic decision-making, restructuring of subsidiaries and investments, and help stakeholders and potential investors understand the LIA’s portfolio, fostering strategic partnerships. Concurrently, the LIA plans to launch a program to attract top Libyan graduates in accounting, investment, and business administration. Applicants will undergo professional examinations with an international firm, followed by training in internationally recognized asset valuation methods. This program seeks to build national capabilities for professional self-assessments within the LIA and its subsidiaries, accepted by auditing firms. The LIA has directed subsidiaries to update action plans linked to valuation results
Mohamed Habib Sassi, Chargé d'affaires a.i. at the Embassy of Tunisia in Tripoli, emphasized the strategic importance of Libya's Ras Jedir crossing as a pivotal transit corridor to landlocked African countries. He noted that the transformation of this main land crossing between Tunisia and Libya into a continental gateway aligns with cooperation efforts with regional bodies like the Common Market Organization for Eastern and Southern Africa COMESA and the African Continental Free Trade Area ZLECAF. This initiative aims to enhance economic integration between Tunisia, Libya, and Algeria, fostering access to African markets. Sassi also highlighted the strong Tunisian-Libyan relations, marked by continuous diplomatic engagement and a significant Tunisian community of approximately 45,000 residents in Libya. He referenced the recent visit by Tunisia's Minister of Foreign Affairs to Tripoli, which included meetings with the Prime Minister of the Libyan Government of National Unity, Abdel Hamid Aldabaiba, and his Libyan counterpart, Taher Al-Baour. Economically, Sassi mentioned Tunisia's participation in the "Libya Food" exhibition, which served to promote Tunisian products and establish new connections with Libyan economic actors. Tunisia's Minister of Trade and Export Development, Samir Obeid, announced preparations for a continental land crossing project starting from Ras Jedir, targeting sub-Saharan African countries such as Niger, Chad, Mali, Burkina Faso, and the Central Afri