Libya Herald reports that the Central Bank of Libya (CBL) has initiated the process of joining the convention of the European Bank for Reconstruction and Development (EBRD), following approval from the GNC for the move.
The convention aims to providing technical support for countries experiencing economic and infrastructure transition.
Under this initiative, the EBRD will provide expertise and technical assistance in infrastructure development and the fight against corruption, in addition to "achieving sustainable development projects".
Libya will benefit from the EBRD in several areas, including privatization programmes and competitivenesss, the adoption of a strong and effective governance system, the implementation of the necessary structural reforms, the support and development of the private sector and the support and development of the banking sector.
(Source: Libya Herald)