The head of the Libyan Foreign Bank, Mohamed Al-Darrat, announced in a statement to Libya Al-Ahrar that a meeting would be held today, Tuesday, in Rome between the bank’s management and the management of the Italian “Semest” company, affiliated with the Italian Ministry of Foreign Affairs.
The meeting came as a follow-up to a previous memorandum of understanding, concluded during the Libyan-Italian Business Forum in Tripoli, and aims to enhance economic cooperation between the two countries.
According to Al-Darrat, the memorandum defines the general framework of cooperation between Simest and the Libyan foreign Bank, whereby the Italian company will work to support Italian private sector investments in Libya as part of the Italian “Matti Plan.”
Al-Darrat stressed that this memorandum opens the door to subsequent detailed agreements, aimed at stimulating investment in Libya within the “Plan Mattei” program launched by the Italian government years ago.
Al-Darrat pointed out that the Libyan Foreign Bank aims, through this partnership, to benefit from the “Matti Plan” to attract foreign investments, create job opportunities, and develop the Libyan economy.
the head of the foreign bank stated that the agreement also includes expanding the scope of Simest’s operations in Africa to include Libya, benefiting from a financial instrument worth 200 million euros allocated for this within the “Mattei Plan” to support trade advancement between Italy and Africa.
Source: Libya Al-ahrar.
How can Libyan entrepreneurs leverage the partnership with Italy to enhance their businesses?
Interview with Mohamed Al-Darrat: Strengthening Economic Ties between Libya and Italy
Time.news Editor: Hello, Mohamed Al-Darrat.Thank you for joining us today to discuss the recent developments between the Libyan foreign Bank and Italy’s semest company. Can we start with yoru thoughts on the significance of the meeting scheduled in Rome?
Mohamed Al-Darrat: Thank you for having me. The meeting in Rome is a pivotal step in enhancing economic cooperation between Libya and italy. It follows up on a memorandum of understanding from the recent Libyan-Italian Business Forum held in Tripoli. This engagement is essential as it sets the stage for future collaborations that could stimulate investment and foster growth in our economy.
Time.news Editor: you mentioned the memorandum of understanding. Could you elaborate on its contents and how it will facilitate economic growth?
Mohamed Al-Darrat: Certainly. The memorandum outlines the general framework for cooperation between Semest and the libyan Foreign Bank. One crucial aspect is that Semest will support Italian private sector investments in Libya, which is integral to the “Matti Plan.” Through this plan, we aim to attract foreign investments to Libya, create job opportunities, and ultimately develop our economy.
Time.news Editor: The “Matti Plan” has been discussed as a vital strategy. how do you see it influencing the future of Libya’s economic landscape?
Mohamed Al-darrat: The “Matti Plan” is significant for Libya as it not only aims to boost foreign investment but also seeks to enhance trade relations between Italy and Africa. By leveraging this plan,we can create a conducive habitat for investment,support local businesses,and generate employment. This could transform our economic landscape and foster sustainable growth.
Time.news Editor: There’s a mention of a financial instrument worth 200 million euros allocated to support trade advancement.How will this financial support impact Libya’s economy?
Mohamed al-Darrat: The 200 million euros allocated within the “Matti Plan” is crucial for expanding Semest’s operations in Africa,including Libya. This funding will provide us with the necessary resources to facilitate trade and investment initiatives. It is indeed a strong commitment from the Italian government, signifying their confidence in libya’s potential. When utilized effectively, this can lead to significant infrastructure improvements, job creation, and overall economic stability.
Time.news Editor: As an expert in the banking sector, what advice would you offer to Libyan entrepreneurs looking to benefit from this partnership?
Mohamed Al-Darrat: I encourage Libyan entrepreneurs to stay informed about opportunities stemming from this partnership. Engaging proactively with the Libyan Foreign Bank and Italian entities can open doors for collaboration. Additionally, they should focus on aligning their business models with international standards to attract foreign investment. Networking at events like the Libyan-Italian Business Forum can also provide valuable connections.
Time.news Editor: Lastly, what is your vision for the future of economic relations between Libya and Italy?
Mohamed Al-Darrat: My vision is one of robust economic partnership characterized by mutual benefit. I foresee a future were Libya becomes an attractive destination for Italian investors, leading to a diversified and resilient economy. Through strategic cooperation and commitment to development, we can not only strengthen our bilateral ties but also contribute to regional economic integration.
Time.news Editor: Thank you, Mohamed al-Darrat, for sharing your insights. We look forward to seeing how this partnership unfolds in the coming months!
Mohamed Al-darrat: Thank you for having me. I appreciate the opportunity to discuss this vital topic.