Libya’s Tripoli based Ministry of Finance, in partnership with the United Nations Resident Coordinator’s Office and United Nations Development Programme (UNDP) convened a High-Level Policy Dialogue on Innovative and Sustainable Financing for Development in Libya in Tripoli.
UNDP Libya reported yesterday that the event brought together government institutions, the diplomatic community, financial institutions, private sector representatives, development partners and civil society to discuss practical approaches to mobilizing sustainable financing in support of Libya’s national development priorities.
It said mobilizing adequate and sustainable financing is essential to achieving the Sustainable Development Goals (SDGs) and delivering lasting development outcomes.
As countries increasingly look beyond traditional sources of public finance, stronger collaboration between government, the private sector and development partners is essential to mobilize additional investment, strengthen domestic resource mobilization and expand financing approaches that can better support national development priorities.
Speaking at the event, Mustafa El-Barouni, Deputy Minister of Finance, said: “The Ministry is committed to strengthening cooperation and fostering partnerships between regional and international financial institutions and Libya’s private sector. Through this initiative, we aim to expand access to innovative financing instruments for businesses of all sizes, helping unlock investment, support sustainable development, and strengthen Libya’s private sector.”
“Financing for development is not solely about mobilizing more. It is about mobilizing and using wealth more wisely, more transparently and more equitably across Libya. I encourage all of us gathered here today to seize the opportunity to move Libya from closing financing gaps to developing financing solutions; from fragmented efforts to coordinated actions; transforming ambitions into measurable results that reflect and fulfill the hopes and aspirations of the Libyan people, ”said Ulrika Richardson, Deputy Special Representative of the Secretary-General, Resident Coordinator in Libya, in her opening remarks.
“Turning development ambitions into tangible results requires more than strong policies. it requires sustainable financing and effective partnerships. Today’s dialogue reflects a shared commitment to exploring innovative financing approaches that can unlock new investment, strengthen collaboration across government, the private sector and development partners, and better align financial resources with Libya’s national development priorities. By broadening how development is financed, we can help translate those priorities into practical investments that improve people’s lives and support long-term, inclusive and sustainable development,” said Dr. Sophie Kemkhadze, UNDP Resident Representative in Libya.
The dialogue forms part of ongoing efforts to strengthen collaboration between government institutions, development partners and the private sector to advance sustainable financing approaches that support Libya’s national development priorities and the Sustainable Development Goals.
