The central banks of Turkey and Libya on Monday signed a memorandum of understanding to enhance financial cooperation.

The deal will lay the groundwork for continued cooperation in the field of central banking, according to a statement by the Turkish Central Bank.

The banks will carry out activities to foster bilateral economic relations and strengthen financial cooperation between the two countries.

Earlier in August, the two counties signed another memorandum of understanding to boost trade and economic ties. The deal will lay the groundwork to resolve ongoing issues between Turkish firms and Libyan employers, opening paths to new investments and new projects, Trade Minister Ruhsar Pekcan said following the finalization of the deal.

Turkish companies left the Libyan market in 2018 when three engineers were kidnapped. The engineers were held hostage for eight months before being released.