Libya Receives Funds, Assets Unfrozen by EU

One week after the European Union's decision to unfreeze funds and assets belonging to the Central Bank of Libya and the Libyan Arab Foreign Bank, Libya has received 97 billion dollars.

Confirmation that the money is now in the Libyan government's hands was given by the Libyan Central Bank's deputy governor at a press conference in Tripoli. He confirmed that the unfrozen funds and assets are being handed over to the Libyan Government in order to facilitate its financila situation to implement its plans.

The European Union's decision was taken on December 21. It unfreezes all funds and the assets of the two banks. It was taken to support the recovery of the Libyan economy and assit the new Libyan government, the Centra; bank;s deputy governer said.
An EU statement said that a partial freeze of assets of the Libyan Investment Authority and Libya Africa Investment Portfolio imposed before the overthrow of late Libyan leader Muammar Gaddafi, would remain in force.

Libyan Appointed Chairman of ABC Bank

Meanwhile, Saddek Omar Elkaber, new governor of Libya's central bank has been appointed chairman of the Arab Banking Corporation, ABC.

It was in October that Elkaber, had been given charge of the Libyan Central Bank. He was also previously, deputy chief executive at ABC's British unit, ABC International Bank, which is majority owned by the Central Bank of Libya, with about a 60 percent stake, and Kuwait Investment Authority.

ABC, that has operations in Egypt, Lebanon, Jordan, Libya, Tunisia and Algeria with consolidated assets of $25.7bn., also appointed Khaled Kagigi and Sami Rais as new directors.


(Source: Tripoli Post)

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