Seven billion dinars for private loans, credits and investment
Libya, Economics, 11/22/2004

"In a move to kick off and broaden loans and credits, in line with the address of the Leader of the Revolution to the Libyan functionaries and activists, on the 35 th anniversary of great al-fateh revolution, an agreement has been signed by the General People's Committee and the Central bank of Libya on launching and broadening the circle of granting loans, credits and investment," JANA reported today.

The report said "The agreement green lights the Secretariat of the General people's Committee for Finance to deposit three billion Libyan dinars from the money shelved at the commercial banks, to use it as deposits, besides money available with these banks, estimated at about 4 billion dollars, for five years and with an annual interest rate of not more than 2% to grant loans to finance various economic activities of the individuals, families, partnerships, and companies with valid licenses, with priorities given to productive activities that depend on local raw material, real estate, tourist, health care, education and bilateral trade sectors."

The report added "The agreement signed Thursday provides that the Central Bank of Libya take measures to simplify the administrative measures related to the granting of loans and facilities, and reduce the documents required by the beneficiaries to the minimum possible ensuring the right of the bank to retrieve the loan. "

The report added "The agreement also provides that the Central Bank of Libya frees loan ceiling so as the value of the loans be governed by the sole requirements of the project, and that real estate loans be given directly without preconditions of the approval of the municipalities."

Previous Stories:
  American administration asks the help of congress to invest in Libya   (11/17/2004)
  Libya announces new measures to liberalize the economy   (11/3/2004)
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