Bank UBAE Italy reported yesterday that it held a meeting on the same day between Mohamed Addarrat, Chairman of Libyan Foreign Bank (LFB) and the institutional managers of Simest.
This meeting aimed to strengthen collaboration and support Italian investments in Libya and Africa with a focus on the banking sector and the creation of a shared operational framework working towards a concrete and equal partnership between the shores of the Mediterranean.
Bank UBAE added that during the meeting, economic relations between Italy and Libya were discussed, focusing on financial support and guarantees for Italian companies looking to invest in Libyan and African markets. These financial supports and guarantees would come through creating a banking framework that simplifies operations for Italian companies which will be managed operationally by Bank UBAE.
Bank UBAE said this meeting marks an important step in strengthening cooperation between Italy and Libya and promoting a stronger economic presence of Italian companies in the region.
Bank UBAE (Unione delle Banche Arabe ed Europee) is a banking corporation funded by Italian and Arab capital. The Libyan Central Bank of Libya and the Libyan Foreign Bank are principal shareholders and financers of Banca UBAE.
Banca UBAE acts as a consultant and partner for companies and financial institutions wishing to establish or develop commercial, industrial, financial and economic relations between European and North African & Middle Eastern countries.
Simest (Societa Italiana per le Imprese all’estero) is an Italian financial institution for the development and promotion of Italian enterprises abroad. It provides start-up and growth capital financing as well as participating in buyouts. Geographically it invests in non-EU countries, focussing on BRIC, Americas and Middle East. Simest also provides Italian companies seeking to internationalize their businesses with technical assistance and advisory services.
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