Finance Ministers discuss Libya’s Challenges

By Adam Nathan.

The Libyan Minister of Finance Dr. Osama Hammad participated Thursday in Malta in launching the meeting of the finance ministers of the Group 5 + 5 for the countries of the Mediterranean Basin on the economy and finance.

The second meeting, which takes place two months after the first meeting held on 24 January in Paris, marked the beginning of strong relations between the ministers of economy and finance of the Arab Maghreb countries (Libya, Mauritania, Algeria, Morocco, Tunisia) and the countries of the Northwest Mediterranean , Italy, Malta, Portugal, Spain).

This is the second meeting of its kind since the beginning of this year to encourage investment in the region and ways to launch the economies of countries by creating favorable investment conditions.

During the opening session, the ministers emphasized the importance of creating an attractive environment for investments based on political stability, good governance, equity and access to finance. Participants also urged financial institutions and international development banks to discuss and implement innovative approaches and approaches to support investment and the private sector in the region.

The meeting tackled the prospects for private investment, job creation for Mediterranean youth, programs to support SME initiatives in the region and coordination of efforts of international organizations and member states in development and joint cooperation.

The five plus five group (5 + 5) includes a group of North and West Mediterranean countries. It deals with issues of economic partnership, development and security in the region and seeks to develop social and cultural relations and scientific and technological exchange among its members.

The meeting was also attended by second meeting of the Minister of Finance of the National Reconciliation Government, Osama Hammad, and the Ministers of Finance of the countries of the Western Mediterranean.

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