The Islamic Corporation for the Development of the Private Sector (ICD) has signed a deal to develop small and medium enterprises (SMEs) in Libya. ICD, the private sector arm of the Islamic Development Bank Group (IDB), will be working with Libya’s National Council for Economic Development (NCED) to implement the deal. Khaled bin Mohammed Al-Aboodi, CEO and general manager of ICD, said at the moment the programme had been limited to financing medium and large projects. But the new special fund, to be created as a result of the agreement, would operate for the benefit of SMEs. The proposed fund is to be supported by incubators (premises with staff and equipment made available at low rent to new small businesses), which the NCED will create and sponsor. The incubators will be responsible for creating micro-enterprises and helping businessmen to own viable projects that will be financed by banks.
PROMOTION OF SMEs IN LIBYA
PROMOTION OF SMEs IN LIBYA
