Eastern headquartered banks to launch LD 3 bn loans initiative by year end

Three eastern Libya headquartered banks, the National Commercial Bank, the Bank of Commerce and Development and Wahda bank, are launching an LD 3 billion loans programme to reactivate the stagnant Libyan economy.

The initiative was revealed by Musbah Akkari the chairman of the National Commercial Bank (NCB) at the opening day of the Forth Banking Sector Development Forum 8 to 9 November being held in Tunis.

The initiative has the backing of the eastern based Central Bank of Libya headed by the Deputy CBL Governor Ali Hibri who was a leading speaker at the event. The Tripoli CBL Governor was invited but failed to turn up.

Akkari said the loans will target three sectors: Housing; Industry; and Agriculture. In housing, 12,000 housing units are targeted in the Benghazi area with the bank contributing 60 percent of the price of a house. In the industrial sector a loan is to finance three lines at a cement factory to meet increased demand for cement in the region. Finally, the agricultural loans will go to financing equipment and machinery such as single pivot irrigation systems for 10,000 hectares.