Libya has officially joined the African Export-Import Bank (Afreximbank) as its 53rd member, a move that strengthens the continent’s trade and investment integration agenda.
The landmark accession was formalized by His Excellency Dr. Khaled Al-Mabrouk Abdullah, Libya’s Minister of Finance, who signed the agreement on behalf of the Libyan government. This step sets the stage for a series of key development collaborations, including infrastructure and trade capacity enhancements.
Among the priority initiatives identified by the Libyan government are the development of the Misurata Free Zone, cross-border road construction linking Libya with Chad and Niger, and supporting the Sahel-Saharan Bank for Investment and Trade (BSIC) in expanding operations across East Africa. Additionally, the Libyan government plans to build capacity for exporters by offering training to improve trade finance structuring and expand access to African markets.
Minister Al-Mabrouk called Libya’s accession a significant milestone in the country’s efforts to rebuild its economy and reassert its role in regional trade. He emphasized that the partnership with Afreximbank would provide vital financial and technical support, further integrating Libya into intra-African trade.
Libya’s strategic geographic and economic position, coupled with its relatively low levels of intra-African trade, makes it a key player in advancing the continent’s economic integration. With a GDP of $50.49 billion in 2023, Libya ranks as Africa’s 12th largest economy, but less than 10% of its trade currently occurs within the continent. Afreximbank President, Professor Benedict Oramah, expressed optimism about Libya’s membership, stating that it would open new trade opportunities for the country and unlock its untapped economic potential.
Libya’s accession lays the groundwork for further collaboration with Afreximbank, providing access to a broad range of services aimed at infrastructure development, trade facilitation, and economic diversification. The partnership is expected to play a significant role in Libya’s recovery, while also contributing to broader African economic growth and prosperity.