The European Union’s EU4PSL project in support of private sector development in Libya presented its results to key stakeholders and beneficiaries in a ceremony in Tripoli on 7 December. Over the past three years, the project contributed to a better business environment, and new job opportunities across Libya, in particular for the youth and women.
“The private sector is a crucial driver for innovation, new jobs and economic growth in Libya. This is why it is important to create an enabling business environment, encourage entrepreneurship and ensure favourable conditions for innovation, investment and trade. In Libya, the private sector needs new skills, instruments and opportunities to turn ideas into successful business ventures. With EU4PSL we were able to create new platforms to simplify access to economic institutions and to boost start-ups and young entrepreneurs,” said Francesca Cuccia, Programme Manager at the EU Delegation to Libya. “The EU will continue its support to Libya’s private sector also in the future.”
An online portal to simplify the establishment of businesses, step-by-step guides for new entrepreneurs, business acceleration programmes and start-up grants for 90 young Libyan entrepreneurs, and a new link between the private sector and Libyan universities are among EU4PSL’s most important achievements since 2019. “E-NABLE”, a €5 million EU-funded follow-up programme, will continue to support private sector diversification, digitalization and financial solutions for businesses in Libya.