Libya and China Agree to Link Banks Through CIPS Payment System

Central Bank of Libya Governor Naji Mohammed Issa Belqasim met with the Governor of the People’s Bank of China, Pan Gongsheng, in Beijing to strengthen financial and banking cooperation between the two countries.

The most significant outcome: the two sides formally agreed on the accession of Libyan banks to China’s Cross-Border Interbank Payments System (CIPS). The move will streamline payments and transfers between Libya and China, speed up financial transactions, and support trade and business between the two countries.

The two sides also agreed to diversify Libyan investments through access to the Chinese bond market, part of the Central Bank’s strategy to broaden its investment portfolio and improve the management of its reserves. Pan welcomed the step and affirmed China’s support for the bank’s objectives.

Talks also covered drawing on China’s experience in financial infrastructure, digital payment systems, and modern financial technology to help modernize Libya’s banking services and bring them in line with international standards.

The meeting concluded with an agreement to launch the first Libyan-Chinese Banking Forum, to be held on the sidelines of the China-Africa Forum in early 2027. The forum will bring together banks and financial institutions from both countries to expand investment partnerships and cooperation.