Expertise France and the Government of the United Kingdom support the creation of the first microcredit agency in Libya
Expertise France, the French technical assistance agency, in partnership with Assaray Trade and Investment Bank (ATIB), has launched the first microfinance institution in Libya – Namaa Tamweel.
The €2-million project is financed by the UK government through its Conflict, Stability, and Security Fund.
Namaa Tamweel branches in Tripoli and Benghazi are now open and being up to speed. It will provide microfinancing to entrepreneurs all over Libya through its branches in Tripoli and Benghazi.
It aims to support them in establishing their businesses as well as scaling up their income-generating activities. A spectrum of non-financial services will also be provided for the beneficiaries, such as business development or management support. In line with the donor’s strategy, Namaa Tamweel will strive to learn lessons along the way and adapt to achieve good gender balance.
To quote the Programme Director at Expertise France, Alexandre Chatillon-Mounier:
“Thanks to the UK government funds, Expertise France is pleased to have supported the establishment of Namaa Tamweel, the first Microfinance institution in Libya and are keen to continue supporting the private sector development in the country and help entrepreneurs find the right working environment.”
Fleur Willson, Deputy Head of Mission, British Embassy to Libya said:
“The UK is proud to have supported the launch of Namaa Tamweel, the first Islamic microfinance institute in Libya, and will continue to encourage private sector development in Libya to create opportunities and pathways out of conflict for Libyans across the country.”
Farouk Laabidi, General Manager of ATIB said:
“Today we are proud we reached our aim, achieved our target, and met our obligations towards the donor and the Libyan society. Dedication and collaboration of all efforts led to making Namaa Tamweel come to reality. We express our sincere appreciation to our partners UK Ministry of Development & International Cooperation and Expertise France and wish to continue on track to reach our ultimate goals.”
Microentrepreneurs will be offered a variety of financial products ranging in size from LYD 5,000 to 25,000 with repayment periods of up to 2 years. All loans will be provided by ATIB in compliance with the regulations of the Central Bank of Libya and Islamic Finance rules.
To establish Namaa Tamweel, Expertise France mobilised technical assistance services from Zitouna Tamkeen, a well-established microfinance institution in Tunis.
(Source: Expertise France)