WASHINGTON September 13, 2011 – Based on evolving events in Libya and the views of member countries, the World Bank today announced that it is engaging with the National Transitional Council (NTC) as the Government of Libya.
As Libya begins its recovery from conflict, the World Bank has been asked to lead the effort in the areas of public expenditure and financial management, infrastructure repair, job creation for young people and service delivery.
The World Bank joins the United Nations and the European Union as one of the three institutions invited by Libya’s National Transitional Council (NTC) to coordinate assistance for the north African nation as it forges a path forward after months of violent conflict.
Specifically, the Bank has been asked to examine the need for repair and restoration of services in the water, energy and transport sectors and, in cooperation with the International Monetary Fund, to support budget preparation and help the banking sector back on to its feet. Employment generation for young Libyans has been added as an urgent need facing the country.
“We are ready to support the people in Libya. Our experts have started coordinating with their partners already and we are moving fast to begin work,” said Sri Mulyani Indrawati, Managing Director of the World Bank. “The areas we have been requested to help with reflect our comparative advantage and we will work closely with the EU, the UN and our Arab partners.”
Indrawati said that in response to concerns expressed by the Libyan authorities with whom the Bank has met, special attention will be paid to accountability, transparency and participation in this post-revolutionary period.