Libya considering ways of recovering its outstanding loans to African states

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Libya considering ways of recovering its outstanding loans to African states

4:20 CAT | 17 Apr 2018

Libya’s Presidency Council’s Ministry of Finance and the Libyan Foreign Bank (LFB) are considering various ways the North African country can recover ‘‘faltering’’ loans to African countries.

At a meeting last week between the Minister of Finance-designate of the Government of National Accord, Osama Hamad, and the LFB Director General, they discussed and reviewed the financial and legal status of a number of loans granted by the Libyan state to a number of African states, the Libya Herald reported.

Legal, diplomatic and other means open to Libya to recover these loans and to protect its rights and interests were also discussed.

A joint Ministry of Finance-LFB committee was formed and empowered to coordinate with other relevant state sectors to intensify efforts to encourage debtor African states to repay their outstanding Libyan loans. The committee is to report back within three weeks.

The LFB (formerly the Libyan Arab Foreign Bank) is Libya’s prime offshore bank. The state-owned entity is headquartered in Tripoli and is wholly owned and controlled by the Tripoli-based Central Bank of Libya. The LFB owns a majority share the British Arab Commercial Bank and the Banca UBAE in Rome.

Source: African News Agency (ANA) / Libya Herald