The African Development Bank (AfDB) and Libya have signed a $1 million grant agreement to modernize Libya’s public financial management (PFM) systems through the Strengthening Enabling Business Environment through Public Financial Management Support project.
Supported by the Fund for African Private Sector Assistance (FAPA) – a Trust Fund backed by the government of Japan and managed by the AfDB – the project focuses on reforming Libya’s PFM systems through digitization, transparency and accountability. FAPA provides grants to implement the Bank’s Private Sector Development Strategy, which aims to improve public expenditure management, enhance service delivery and foster private sector growth.
“This project, valued at $1 million, is the result of strategic collaboration and a concrete investment in Libya’s future, made possible through the generous support of the Government of Japan,” said Malinne Blomberg, Deputy Director General of the AfDB in North Africa.
Spanning three years (2024–2027), the project will include IT infrastructure assessments, enterprise architecture planning and readiness evaluations for an Integrated Financial Management and Information System. The project will also prioritize improving public procurement processes, reforming State-Owned Enterprises and strengthening frameworks for Public-Private Partnerships.
“Japan is committed to cooperate and collaborate further with the Libyan Government and its people to strengthen its nation as well as institutions. This would lead to further stability and prosperity in Libya,” the Deputy Head of Mission and Special Coordinator for Libya at the Embassy of Japan in Libya added.
