CBL calls on banks to help restart long-abandoned housing projects

The Central Bank of Libya has called on the country’s banking and financial institutions to play a central role in reviving long-stalled housing projects and driving urban development.

The call was made by Governor Naji Mohammed Issa during a high-level workshop held in Tripoli on 13 July, under the title “The Role of the Banking Sector in Reviving Stalled Housing Projects and Promoting Urban Development.” The event brought together senior officials, banking executives, and urban development experts to explore practical mechanisms for reactivating housing projects that have remained dormant for over a decade.

Governor Issa acknowledged that responsibility for housing projects primarily lies with the government, but emphasised that the Central Bank and broader financial sector have a vital role to play in advancing national development priorities. He described the workshop as a “starting point” for a broader strategy to mobilise financial resources and unlock the economic and social value of unfinished housing initiatives.

The discussions focused on identifying sustainable financing models and collaborative frameworks to ensure that long-abandoned construction sites can be transformed into functional housing solutions. Participants also stressed the importance of regulatory clarity and institutional coordination to support future implementation.

While the Central Bank has not committed to a specific funding allocation, the event signals a significant policy shift, highlighting the growing role of Libya’s financial institutions in national reconstruction efforts.

The workshop concluded with an agreement to develop an actionable plan in cooperation with stakeholders across the public and private sectors, aiming to address the country’s acute housing shortage and support broader urban recovery.