East-based bank launches LD 3 billion loan initiative by year-end

Three banks based in eastern Libya, the National Commercial Bank, the Bank of Commerce and Development and the Wahda bank, are launching a LD 3 billion loan program to revitalize the stagnant Libyan economy .

The initiative was unveiled by Musbah Akkari, Chairman of the National Commercial Bank (NCB), on the first day of the 4th Banking Sector Development Forum in Tunis from 8-9 November.

The initiative is backed by the eastern-based Central Bank of Libya, led by CBL Deputy Governor Ali Hibri, who was a key speaker at the event. Tripoli CBL Governor was invited but was unable to attend.

Akkari said the loans will target three sectors. industry; and agriculture. In housing, in the Benghazi area he has 12,000 homes covered and the bank covers 60% of his house prices. In the industrial sector, loans are being made to finance his three lines of cement plants and meet the growing demand for cement in the region. Finally, agricultural loans will be used to finance equipment and machinery such as a 10,000 ha single pivot irrigation system.

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