TRIPOLI, May 4 (Xinhua) -- The British Embassy in Libya announced Thursday that the United Kingdom has provided the country with 1.5 million pounds (2 million U.S. dollars) to support its private sector.
"The UK government is committed to supporting entrepreneurship and private sector development in Libya by establishing a 1.5 million Pounds micro-finance scheme in partnership with Expertise France," the Embassy said in a statement.
The project supports Libya's private sector and entrepreneurship initiatives, and aims to provide employment for young people and women, the statement said.
Expertise France, a French public international cooperation agency, designs and implements projects that aim to contribute to the balanced development of partner countries.
The private sector could help the Libyan economy, but it has not been given its rights, officials of the northern African country have noted.
The private sector can play an important role in economic reforms, Libya's UN-backed Deputy Prime Minister Ahmed M'etig said at an industry union workshop held at the end of last year.
The public sector sees an overcrowding of employees, which causes economic problems, he said.
Libya has been plagued by economic woes due to escalating violence and political division following the 2011 uprising that toppled former leader Muammar Gaddafi.
