FIMBank poised to play important role in Libya

02.02.2012

FIMBank President Margrith Lütschg-Emmenegger


The political developments which are taking place in Libya stand to turn this country into an important player on the Mediterranean and global trade scenario, and according to FIMBank President Margrith Lütschg-Emmenegger, the Bank is poised to play an important role in facilitating trade between this country and its economic partners.

The President said the Bank had been monitoring the situation in this country very closely and with the end of the civil war, there were clear indications that the present interim government had started on the long and arduous road of eliminating barriers for trade. FIMBank was also anticipating increased participation by Libya in the international economy. “This will require support by the international community and FIMBank is committed to assist the Libyan people to accelerate access to trade finance products to support the development of import and export activities, open the door to finance for SMEs and most importantly, create jobs. Being able to deal professionally with international partners will be a critical determinant of economic progress,” the President pointed out.

FIMBank was one of the main sponsors of the recently held New Libya Forum, which according to the organisers, brought together “people who are interested in Libya for business reasons or else are interested in helping Libya in different ways”. According to Ms Lütschg-Emmenegger, FIMBank’s support for the Forum and subsequent initiatives which have stemmed from this event were in line with the Bank’s role as a facilitator of trade between emerging and developed markets: FIMBank and other similar financial institutions are committed to investing in Libya to further the development of trade activities in this region. FIMBank’s experienced team is ideally positioned to provide education and support to introduce the necessary products and services to Libya and the rest of the region,” explains Ms Lütschg-Emmenegger. “The Group has the necessary product mix, experience and expertise to assist suppliers and importers equally in their financing requirements.”

The President pointed out that there would always be an element of risk in doing business in a scenario where a country was finding its feet after a traumatic civil conflict: “FIMBank, however, is ready and equipped to assist in reducing risks for all parties involved, an attribute which had also served to mitigate risk substantially when Libya was in the midst of critical political turmoil”. Moreover, she emphasised: “FIMBank is convinced that its support of the education process of Libya in trade finance and related activities will be a huge benefit for the trading partners globally, given the huge potential the country has to be a substantial player in the global economy in the  future.

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