5 SME Funds to be Set Up

Libya Herald reports that the Economy Minister, Mustafa Abufunas, has confirmed that five funds to support small and medium-sized enterprises (SMEs) have been created in five cities.

We are working on the details of the laws and regulations”, he explained, adding that Libya had not had “a process for loans based on Islamic banking” and that this was being worked on. He said Libya was in contact with “numerous” local and international banks, which he did not name, for cooperation in this project.

The funds are to be based in the cities of Tripoli, Benghazi, Sebha, Misrata and Zawyia.

(Source: Libya Herald)

(Entrepreneurship image via Shutterstock)

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