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Banking / Investment in Libya

  • Africa's last international banks make their stand

    BOTSWANA, 2017/10/31 On June 1, 2017, Barclays sold a 33.7% stake in its African business, Barclays Africa Group Limited (BAGL). The transaction reduced the UK lender’s stake in its African offshoot to 14.9% and permitted, in accounting terms, the deconsolidation of BAGL from its parent. Additional symbolically, it brought to an end Barclays’ operations on the continent next additional than 100 years. The rise of Africa’s home-grown financial players has led most international lenders to withdraw from the continent. However, Société Générale and Standard Chartered are not only staying put but marking territory for digital expansion. James King reports.
  • Why governments need to support the financial sector to meet the unserved needs of smallholder farmers

    BOTSWANA, 2017/09/09 This year, under the leadership of H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity: Growing Inclusive Economies and Jobs through Agriculture”, the African Green Revolution Forum (AGRF) 2017 is shaping up as a premier platform to showcase ongoing evolution in Africa’s agricultural transformation schedule and to scale up the political, policy, and financial commitments needed to achieve the Malabo Declaration and the world development schedule around the Sustainable Development Goals (SDGs). Following the launch of the landmark annual Africa Agriculture Status Statement (ASSR) at the AGRF taking place in Cote d’Ivoire from 4-8 September 2017, the major conclusion centres around the power of entrepreneurs and the free market in driving Africa’s economic increase from food production. This is owing to the fact that a lot of businesses are waking up to opportunities of a rapidly growing food market in Africa that may be worth additional than $1 trillion each year by 2030 to substitute imports with high price food made in Africa.
  • The Libyan government has released 45 million dinars geared toward restoring safety in Benghazi

    LIBYA, 2014/03/28 The Libyan government has released 45 million dinars (about US$ 40 million) geared toward restoring safety in Benghazi (east) and Sebha (south), two cities currently being plagued by violence. The money - 30 million dinars for Benghazi and 15 million dinars for Sebha - is designed to meet the needs for equipment to improve safety in the two cities where a series of killings and assassinations has taken place. On 19 March, the Libyan government declared war against terrorism and called on the international community and the UN to help it eradicate the scourge.
  • Libya yesterday created a new financial regulator

    LIBYA, 2014/01/05 Libya yesterday created a new financial regulator to guarantee transparency and attract foreign investments, the economics ministry made known. The new agency will supervise the financial but not the banking sector and improve the investment climate in Libya, stock exchange general manager Ahmed Karoud explained.
  • Libya: ''concern on stalled investments'', says SACE insurer

    EGYPT, 2013/10/15 The new country update by Italy's SACE business insurance group gave Libya a negative review, but held out hope for Egypt. ''The situation in Libya is a cause for concern. The oil sector data is negative and expected large-scale Italian investments at no time resumed. We're cautious on Egypt,'' Giulio Dal Magro, chief economist at SACE Since the beginning of 2013, SACE has intervened in a very slight number of operations in Libya, whose crucial oil sector is in disarray following strikes by security forces posted to Es Sider, Ras Lanuf, Marsa al-Brega and Zueitina oil export terminals. ''We believe oil is a strategic sector for the country, making up 65% of its GDP, 95% of exports and 96% of tax revenue'', Dal Magro explained.
  • Tighter FDI rules in Libya

    LIBYA, 2013/06/20 Former Libyan leader Muammar al-Gaddafi's historically apathetic and occasionally hostile attitude towards foreign investment was showing signs of change in the years leading up to the 2011 uprising. Driven mainly by the need to remedy economic stagnation, since the 1990s the regime had taken steps to end Libya’s status as an international pariah and facilitate inward investment . A law passed in 2006 allowed foreign investors to form joint stock companies (JSCs) with Libyan shareholders and allowed foreign ownership stakes of up to 65 %. The 2010 Investment Law allowed 100 % foreign ownership across a broad range of sectors, and offered investors tax breaks for specific projects.
  • Libya seeks technical support from European Reconstruction, Development Bank

    LIBYA, 2013/05/13 Libya has solicited technical support from the European Bank for Reconstruction and Development, the chairman of the financial institution, Libyan government officials said. “Even though Libya is not a member of the bank, she is interested in a technical cooperation with the European financial institution and has solicited its economic support,” Libyan Central Bank’s Governor Sadek Omar al-Kabir told a press conference in Istanbul, Turkey, on Saturday on the sidelines of the European bank’s conference.
  • Libya’s PM opens door to investment in all sectors 2012-07-31

    LIBYA, 2012/07/31 Prime Minister Abdelrahim al-Kib predicted a bright next for foreign investment in Libya especially in the oil sector whose infrastructure needs to be overhauled, in an interview. "The plan is to revamp the whole thing and work on the infrastructure of the oil and gas industry... (an) area for projects for companies that may be interested so that we can increase production levels," he said.
  • Libya: Arab countries, Turkey to promote industrial investments 2012-06-06

    LIBYA, 2012/06/06 Industrial investments - The 2nd Conference of the Turkish-Arab industrial cooperation has called for the intensification of industrial cooperation, expansion of trade and promotion of investments between Arab countries and Turkey. The recommendations of the conference, adopted on Monday night in Benghazi, urged both Arab and Turkish parties to develop an industrial strategy that includes joint plans, programmes and workshops to support Arab and Turkish investors and give them support and incentives to enable them contribute to the development of existing industries and create new ones. The resolutions also called for the advancement of Arab-Turkish scientific cooperation through the establishment of institutes of quality training in Arab countries, with the backing of Turkish expertise.