Steps to reproduce the issue

Now a name for the library, for example:
<name>The Joomla!</name>

And in the Extension Manager language file is ignored:
if (!in_array($item->type, array('language', 'template', 'library')))
{
$item->name = JText::_($item->name);
}

Expected result

Library name:
<name>lib_joomla</name>

en-GB.lib_joomla.sys.ini:
LIB_JOOMLA="The Joomla!"

if (!in_array($item->type, array('language', 'template')))
{
$item->name = JText::_($item->name);
}

Additional comments

Joomla Library - is only an example.