Libya has agreed in principle to set up an Islamic banking section within the central bank. A memorandum of understanding to . . .[restrict]that effect was signed in Tripoli on Monday by Prime Minister Abdurrahim Al-Kib and the president of the Jeddah-based Islamic Development Bank, Ahmed Mohamed Ali.
During his visit Ali also met with Minister of Economy and Trade, Ahmed Koshli.
Two other agreements were signed with the IDB were signed during Ali’s visit. One upgraded an existing agreement with Libya’s Economic Development Board signed in February 2010. In the second, as part of its grants to Arab Spring countries, the IDB agreed to provide $50 million in finance support for private projects in Libya.
Accompanying the IDB chairman in his visit to Libya were officials from affiliated IDB institutions, the Islamic Corporation for Insurance of Investments and Export Credits and the Islamic Corporation for the Development of the Private Sector.
Ali attended a seminar in Tripoli on Tuesday before leaving the country.