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Libya turns to World Bank for help on economic growth strategy

The World Bank Group announced a new support strategy for Libya focused on restoring key services to citizens and promoting economic recovery.

Developed in response to a request from the Libyan government, the new strategy draws on the bank’s global experience working with countries coping with instability and aims to address urgent priorities while laying the groundwork for future recovery and reconstruction.

The new strategy was presented in a Country Engagement Note (CEN) that outlines the bank’s approach to supporting Libya over the next three years.

One of the two overarching goals of the CEN is to restore access to dependable electricity and quality education and healthcare services.

The other principal goal is to accelerate economic recovery by helping build the capacity of the government to manage public funds, while developing the private and financial sectors. Read more: Developing nations need to invest 4.5% of GDP in infrastructure to achieve SDGs

In addition, a common theme of all engagements under the CEN will be to promote transparency, accountability, and inclusion in all government decision making and service delivery.

“Libya has immense potential, despite current challenges,” said Marie Françoise Marie-Nelly, the World Bank’s country director for the Maghreb and Malta. 

“We are determined to support the peace process and help Libya reach this goal by addressing current economic challenges that can aggravate political divisions and build instead an economy that works for all Libyans,” Marie-Nelly added.

According to the Regional Centre for Renewable Energy and Energy Efficiency (RCREEE), Libya aims for 7% of electricity generation to come from renewable energy, by 2020. The country will increase this by a further 10% by 2025.