In addition, Jumhouria Bank is supporting the development of Libyan aviation sector. The bank recently acted as a leader in an effort to issue a large syndicated loan, along with Sahara (BNP-Paribas), National Commercial Bank, Wahda and the Libyan Foreign Bank in excess of $1 billion Libyan dinars.
This loan to Libyan Airlines is to help finance its aircraft purchasing programme; this loan was taken out in 2010 for an order made for Airbuses in 2007.
The largest bank of Libya is also involved in a discussion with the Libyan power company about the option of financing renewable projects, such as the new solar power plants (worth 1 billion Libyan dinars).
The bank has also reached an agreement with the Ministry of Industry on the financing of new industrial zones and factories.
According to Suleiman Ali Al-Taif Al-Fitur, Minister of Industry of Libya, "We need to start evaluating the proposals from the developers for these projects. We need to start setting up the financing procedures for them. The SME projects can be set up very quickly, most will be skid mounted and will require large infrastructure. We are planning about 40 industrial zones; around 10 are ready to go ahead in terms of infrastructure activities. Some of them have already started and we will distribute these zones for the industrial projects."
This goes in line with the ministry's vision to increase the representation of the industry in the GDP to 30% by 2030.
Akkari concluded his speech by mentioning the upcoming launch of a new Visa Card, which will benefit the citizens that are frequent international travellers.
(Based on the speech of Mr. Akkari, the chairman of the Board of Directors of Jumhouria Bank, the leading bank in Libya)
(Source: Marcopolis)
