A new era for the Libyan stock market

Jan 06, 2011

"We wish to attract to the market part of the tens of billions of dollars sleeping in the banks," Khalil El-Kwafi, president of employers' organisation Groupement economique de Libye, has said.

He made the comment to the newspaper Les Afriques, following the implementation of new legislation authorising foreign investments and the creation of Undertakings for Collective Investment in Transferable Securities on the Libyan stock market.

Mr El-Kwafi thinks these reforms will encourage banks to put back parts of their assets into the country's economy.

"The opening of the market to investors opens a new era … It will increase the number of transactions and will lead to a better transparency in the management of listed companies."

This week, Sahara Bank has announced it will raise its capital in Lybia by $292 million through share issues, raising it to $492 million, PANA news agency reported.

BNP Paribas, strategic partner of the bank, has also announced it will inject $55.5 million dollars in Sahara Bank.