Launch of the Libyan Economic Development Board.

TRIPOLI, Libya -- The Libyan Economic Development Board (LEDB) was launched today at a glittering ceremony in Tripoli. The Libyan Economic Development Board is a major policy result of Libya's National Economic Strategy (NES) project which began in 2005. The formation of the LEDB has been a result of a rigorous process of assessment and design led by the NES Libyan team, supported by the Monitor Group, the international strategy and economic consultancy.

The Libyan Economic Development Board is an executive body set up by decree of the General People's Committee of Libya. It will aim to design and execute campaigns that address the core reform and upgrading priorities of the country, by overcoming red tape and facilitating rapid decision-making and action on critical economic issues.

The inauguration of the Libyan Economic Development Board is being led by Saif al-Islam al-Gaddafi, Chairman of the Gaddafi Foundation for Development and Dr al-Baghdadi al-Mahmoudi, Secretary of General People's Committee (Prime Minister).

Speaking at the launch event, Saif al-Islam al-Gaddafi said: "This is a momentous step and one which will increase opportunity and prosperity for the people of Libya. The Libyan Economic Development Board has an important role to play in driving an entrepreneurial culture in Libya and providing support to business. It is a signal of Libya's commitment to the diversification and development of the economy necessary to position Libya as a major player in the regional economy. "

Dr. Omran Bukhres, Executive Director of the National Economic Strategy, said: "Today's launch demonstrates that we are now moving on to the action and implementation phase of our National Economic Strategy. We want to encourage Libyans to play an active part in the reform agenda and our first major LEDB campaign will be to address the key barriers to entrepreneurship. The Libyan Economic Development Board will make it simpler to register new businesses as well as making it easier for Small Medium Enterprises to access finance and professional advice and training."

Rajeev Singh-Molares, who leads Monitor Group's project team in Libya, commented that "The LEDB opens the door to the development of Libya's greatest natural resource - its people. Over the past two years of the project, the Monitor team have come to understand something of the Libyan people, and what we have learnt is there is a great well of talent in the country ready to take advantage of the opportunity that the Libyan Economic Development Board represents."

Education and professional training are both high on Libya's economic reform agenda and today's events also saw the graduation of the first cadre of 150 emerging Libyan leaders who have completed an accelerated programme of a world business education program conducted by NES and Monitor Group.