Libya investigating ways to recover loans to Africa

Published Apr 16, 2018


JOHANNESBURG - Libya's Presidency Council’s Ministry of Finance and the Libyan Foreign Bank (LFB) are considering various ways the North African country can recover ‘‘faltering’’ loans to African countries.

At a meeting last week between the Minister of Finance-designate of the Government of National Accord, Osama Hamad, and the LFB Director General, they discussed and reviewed the financial and legal status of a number of loans granted by the Libyan state to a number of African states, the Libya Herald reported.

Legal, diplomatic and other means open to Libya to recover these loans and to protect its rights and interests were also discussed.

A joint Ministry of Finance-LFB committee was formed and empowered to coordinate with other relevant state sectors to intensify efforts to encourage debtor African states to repay their outstanding Libyan loans. The committee is to report back within three weeks.

- African News Agency (ANA)

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