Libya joins Afreximbank to boost trade

Two engineers managing international logistics.

This partnership with Afreximbank offers a unique opportunity for Libya to expand its trade ties across the continent and drive economic growth. (Image source: Adobe Stock)

The State of Libya has officially joined the African Export-Import Bank (Afreximbank), becoming the 53rd member, marking an important step toward enhancing continental trade and economic integration
This accession reflects Libya’s commitment to advancing Africa’s integration agenda through trade and investments, particularly in North Africa.
This partnership opens the door for Libya and Afreximbank to collaborate on several key development projects, with a focus on trade facilitation, infrastructure, and financial support. Notable projects include financing the development of the Misurata Free Zone and the construction of a road linking Libya, Chad, and Niger, which is expected to boost intra-African trade. Afreximbank will also provide technical and financial support to the Sahel-Saharan Bank for Investment and Trade (BSIC) to expand its operations in East Africa and assist Libyan exporters in gaining access to trade finance and African markets.
Minister Al-Mabrouk Abdullah highlighted the strategic importance of this partnership for Libya’s economic reconstruction and diversification, stated, “This partnership will not only provide vital financial and technical support to Libya but will also enhance the country’s role in intra-African trade.”
Benedict Oramah, president and chairman of Afreximbank, welcomed Libya’s membership, emphasizing the country’s historical significance within the continent:
“We are excited to warmly welcome the State of Libya to the Afreximbank Global Africa family. Libya’s historical connections with the rest of the continent positions it as a crucial player in advancing continental trade and economic integration. By joining, Libya’s Public and Private Sector entities will gain access to our extensive range of funded and unfunded products and services, particularly those geared towards deepening Libya-Africa trade and investment relations, investing in trade-enabling infrastructure, as well as transforming the structure of the Libyan economy.”
Libya’s GDP reached US$50.49bn in 2023, ranking it as Africa’s 12th largest economy. However, less than 10% of its trade is with other African nations. This partnership with Afreximbank offers a unique opportunity for Libya to expand its trade ties across the continent and drive economic growth.