New Business Start-up Accelerator Initiative in Libya Celebrated by the ELTC

New Business Start-up Accelerator Initiative in Libya Celebrated by the ELTC

start-up Accelerator Initiative

The United Nations Development Programme (UNDP) and Tatweer Research have agreed to launch a new business start-up accelerator initiative in Tripoli, Benghazi, and Sabha. The initiative is aimed at creating new businesses and generating jobs for hundreds of youths as a critical component of building peace in Libya.

Innovative Businesses Ideas to be Supported

The accelerator program will support innovative businesses ideas, help build new market linkages, identify market niches, build relationships with partners and investors, and increase access to capital across the country. The initiative also contributes to UNDP’s efforts to upscale institutional capacities with the Ministry of Local Government and its resolution to create Business Incubators and Accelerators.

The launch of the business start-up accelerator is a part of UNDP’s Local Peacebuilding and Resilience Programme. Through this programme, UNDP hopes to provide much-needed support to entrepreneurs in Libya so they can develop their business ideas and contribute to the country’s economic growth and stability.

UNDP Resident Representative, Marc-André Franche underlined the importance of job creation for youth in local peacebuilding efforts. He expressed encouragement at this new partnership between Tatweer Research and UNDP that will help entrepreneurs grow their businesses into sustainable employment opportunities.

Farming solution in Libya
A plantation of hydroponically-grown lettuce, in a greenhouse in Qouwea

Start-Ups Accelerators and Entrepreneurship as the Future

Libya is a country in need of economic development and stability, and entrepreneurship can provide both. By starting businesses, entrepreneurs take risks to create products and services that Libyan consumers may need or want. This not only diversifies the economy, making it less reliant on oil revenue, but also creates jobs. In a country with high unemployment rates, this is critical.

Entrepreneurship also helps to develop new skills and knowledge among the Libyan people – business owners have to be creative and innovative in order to succeed. This type of thinking can spill over into other sectors of the economy, helping to drive overall growth. For all these reasons, entrepreneurship is a critical component in creating stability and economic prosperity in Libya – and the Euro-Libyan Trade Center supports this initiative.

Contributing to a Better Tomorrow

The new business start-up accelerator initiative in Libya is a welcome development that will help create new businesses and generate jobs for hundreds of youths. This will in turn contribute to building peace in the country. We hope that other countries in the region will follow suit and launch similar initiatives to support entrepreneurship and promote economic growth.

Euro-Libyan Trade Center

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The ELTC is a non-political & non-profit trade promotion agency working in cooperation with the GUCC to strengthen bilateral relations between Europe and Libya.

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