Launch of Namaa Tamweel, Libya’s first microfinance institution

Namaa Tamweel’s two branches in Tripoli and Benghazi are now operational and will provide entrepreneurs with access to microcredit throughout Libya, both to help them start their business and develop their activities.

A range of financial and non-financial services

Namaa Tamweel can now offer microentrepreneurs loans ranging between 5,000 and 25,000 Libyan dinars, with a repayment period of up to two years. They will be allocated by the Libyan bank ATIB, in compliance with Libya’s current legislative framework.

This range of financing will be combined with non-financial services, such as support for business development or business management. “We are proud we reached our aim, achieved our target, and met our obligations towards the donor and the Libyan society”, said Farouk Laabidi, General Manager of ATIB. “Dedication and collaboration of all efforts led to making Namaa Tamweel come to reality”, he added.

Namaa Tamweel, the result of joint efforts

“The UK is proud to have supported the launch of Namaa Tamweel, the first Islamic microfinance institute in Libya, and will continue to encourage private sector development in Libya to create opportunities and pathways out of conflict for Libyans across the country”, explains Fleur Willson, Deputy Head of Mission at the British Embassy in Libya.

“Expertise France is pleased to have supported the establishment of Namaa Tamweel. We are keen to continue supporting the private sector development in the country and help entrepreneurs find the right working environment”, explains Alexandre Chatillon-Mounier, Programme Manager at Expertise France. The French agency for international technical cooperation was responsible for the implementation of the MFI project and has worked with Zitouna Tamkeen, a Tunisian microfinance institution.

More about Expertise France in Libya