LBC and LIU to establish a private sector finance and investment group

The Libyan Business Council (LBC) and the Libyan Industry Union (LIU) is to establish a finance and investment group. The LBC and LIU are the private sector association and lobby groups.

The news was revealed by the LBC on Wednesday after a preparatory meeting was held on the same day under the auspices of the LIU.

The LBC reported that the finance and investment group would include the participation of:

• Central Bank of Libya.
• The Islamic Development Bank.
• Ministry of Finance.
• Privatisation and Investment Board (PIB).
• LBC
• LIU
• Al Baraka Insurance Company.

During the meeting, the LBC further reported, the following was agreed upon:

• Forming a supreme committee, sub-committees, technical and financial committees, a communications committee, and a services committee.
• Researching financing mechanisms.
• Establishment of investment funds.
• Holding a general conference to discuss the set of proposals that were discussed in the preparatory meeting.

It will be recalled that the LBC has talked over the last year of creating a private sector finance and investment company/companies that would fill the void left by the Libyan banking sector by financing and investing in companies and sectors to activate the private sector economy.

The company will be open to all interested investors and headed by capital from the members of the LBC and LIU.