First Gulf Bank awaits a fresh start in Libya

First Gulf Bank hopes to restart its operations in Libya after the UAE Central Bank lifted a freeze on the North African country’s assets. “There has been a very positive response so far from the United Nations and the UAE,” a First Gulf Bank spokesman said. “We want to go back to the Libyan market […]

Libya Predicts $10 Billion Budget Deficit

The Libyan government estimates that its budget deficit will reach $10 billion this year, leading to serious challenges in paying government employees and the country’s energy bill, said Mustafa Abdul Jalil, Chairman of the National Transitional Council.  He said that Libya has only reclaimed a minute fraction of its $100 billion in assets frozen during […]

Chinese delegation in Libya to discuss post-war business

A delegation of Chinese government officials and company executives arrived in Tripoli on Saturday night to inspect Chinese assets in the country and discuss how the nation can assist Libya’s post-war reconstruction.  The delegation, led by Wang Shenyang, head of the foreign investment and economic cooperation department of the Ministry of Commerce, will assess the […]

UAE repeals asset freeze on Libya to aid recovery

UAE and Gulf businesses are poised to flood into Libya after the Emirates’ Central Bank lifted a freeze on the African country’s assets. Complying with UN resolutions, Abdulrahim Mohamed Al Awadi, the UAE Central Bank’s executive director and head of anti-money laundering, instructed financial institutions to “cancel the freeze on accounts in the names of […]

A follow-up business visit

This is just an update on my recent visit to Libya. I met the Ministry of Education officials again and received a warm reception.  The Head of Vocational Education colleges asked me to visit six colleges in the Tripoli area so I now have some ideas for him on prioritising recovery work and how it […]

Turkey offers loan to Libya

Turkey’s Economy Minister Zafer Caglayan recently paid a visit to Tripoli to attend the Turkey-Libya Business Forum. Speaking at the opening of the forum, Caglayan said that Turkish Eximbank would offer a grant worth $250 million to Libya, Zaman reported. He stressed that Turkey and entrepreneurs of the country are keen to help Libya and […]

Kuwait offers 54 ambulance, firefighting engines in aid to Libya

Upon instructions from His Highness the Amir of Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Kuwait offered Sunday medical and relief aid to post-revolution North African Arab nation of Libya. The aid comprised 54 ambulances and firefighting and rescue vehicles. The aid was handed over to Libyan officials Sunday in a ceremony held here after the arrival […]

China looks at Libya post-war reconstruction

A team of Chinese government officials has arrived in Libya to look into post-war reconstruction. China was slow to support the rebels in Libya’s revolution last year. In September, it became the last member of the U.N. Security Council to formally recognize the transitional council as the country’s ruling authority. It did so only after […]