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Author: LS

Al-Huwaij Explores Investment Opportunities in Discussion with BMICE

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During his meeting yesterday, Sunday, with the Chairman and members of the Board of Directors of the Maghreb Bank for Investment and Foreign Trade, the Minister of Economy and Trade of the Government of National Unity, Mohamed Al-Huwaij, discussed promising investment opportunities in various sectors in Libya.

Al-Huwaij, Chairman of the Management Committee of the General Authority for Exhibitions, directed the Ministry’s competent departments to organize meetings involving the Maghreb Bank with the local private sector of Libyan business owners, investors and commercial banks, with the aim of presenting investment projects intended to be implemented in various sectors and working to provide possible facilities to create a real investment partnership that contributes to achieving Economic diversification plan.

The meeting was attended by the minister’s advisor, Shather Al-Sid, the head of the General Exhibitions Authority’s management committee, Issam Al-Awl, the head of the management committee of the Tripoli Chamber of Commerce, Industry, and Agriculture, Anwar Abusta, the director of the Economic Studies Department, Youssef Yakhlef, the head of the Commercial Representation Department, Salem Margham, and the head of the Strategic Partnerships Department and the investment is Hassan Al Kamel.

Dbeibeh Monitors Advancements in Road Projects and Sewage Stations

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Prime Minister Abdul Hamid Dbeibeh held a meeting today, Monday, to follow up on the progress of work on road projects implemented by executive agencies, and sewage stations, and to identify problems and difficulties according to the approved timetables.

For his part, Dbeibeh issued his instructions to begin work to implement sewage stations in the municipalities of Sebha, Ajdabiya, and the Al-Kuwayfiya area in the municipality of Benghazi, as they are the most affected in the field of sanitation, and the necessity of adopting a national sanitation program in which all state institutions participate, and adopting designs, studies, and selecting the implementing companies according to high standards. To carry out maintenance and development operations.

The Prime Minister also directed the necessity of starting the implementation of the 500 model schools project after completing the contractual procedures in parallel with the completion of the suspended educational projects, due to the urgent need to build schools and eliminate dilapidated schools and shanty schools.

Aoun Affirms Diversified Investment Opportunities Beyond Oil and Gas in Libya During Meeting with German Chargé d’Affaires

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The Minister of Oil and Gas in the Government of National Unity, Mohamed Aoun, confirmed during his meeting today, Monday, with the German Chargé d’Affairs and Deputy Head of the Mission in Libya, Sven Krauspe, that there are various resources other than oil and gas in Libya that can be invested in, in addition to large areas on land and sea that have not been explored. Yet, sites have been explored that contain large quantities of oil and gas on land and at sea.

Aoun confirmed that the German company Wintershall was one of the first companies to sign concession contracts at the end of the fifties of the last century after the issuance of Oil Law No. 25 of 1955 in Libya, and it succeeded more in oil production in the seventies after developing major discoveries in the Sirte Basin.

Aoun pointed out that Libya is considered fifth in the world in shale oil and gas reserves, according to a study by the US Energy Agency in 2015, and that investing in it will double Libyan oil and gas production if it is invested with political and security stability in the country for the return of companies.

For his part, the German Chargé d’Affaires explained that his country had contributed to the Berlin 1 and 2 conferences regarding Libya, expressing his interest in the proposed projects, especially in the field of oil and gas to develop the production capacity of oil and gas to supply Europe with what it needs in light of the global circumstances. He also promised Germany’s participation in reactivating some Factories stopped in Libya whenever a safe environment is available for interested companies in the country.

Exclusive: Our Source Receives Insider Intel on Central Bank Deliberations on Upgrading Libyan Dinar Value and Exchange Rate Talks with the IMF

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Our private source revealed on Monday that the Central Bank of Libya is considering raising the value of the Libyan dinar and adjusting the exchange rate with the International Monetary Fund in Tunisia.

The Board of Directors of the Central Bank of Libya issued a decision on December 16, 2020, to amend the value of the Libyan dinar against Special Drawing Rights to reach 0.1555 Special Drawing Rights per dinar, equivalent to 4.48 dinars per dollar, as of the beginning of 2021.

Economy Minister Informs Dbeibeh: “Exchange Rate Increase is Unintentional”

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Today, Sunday, Prime Minister Abdul Hamid Dbeibeh held a meeting with the Minister of Economy and Trade, Muhammad Al-Huwaij, to follow up on a number of economic files.

For his part, Al-Huwaij stressed the stability of the economic situation in the country, noting that the rise in the exchange rate is considered accidental, pointing to what was stated in a recent International Monetary Fund report regarding Libya’s retention of foreign exchange reserves exceeding 82 billion dollars.

Al-Huwaij presented a position on the Ministry’s plan to develop the Commercial Registry Authority, activate the local commercial registry according to the spatial jurisdiction of the courts of appeal, and automate procedures within the Authority to facilitate the issuance and renewal of records and trademarks.

Dbeibeh directed the necessity of convening the Balance of Payments Committee formed during the last Cabinet meeting, and presenting the results of the necessary decisions regarding it.

Ben Shrada Highlights Discrepancy Between House of Representatives and State Goals Regarding Electoral Laws

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Member of the Supreme Council of State, Saad Ben Shrada, said in a special statement to our source, that during the meeting between the Speakers of the House of Representatives, Aguila Saleh, and the Supreme Council of State, Mohamed Takala, there is a big gap between the two chambers, and that Takala wants to be informed and agree more on the electoral laws. While Aguila believes that talking about these laws goes back to square one and prolongs the Libyan crisis, and wants discussion in the post-law stage about a unified executive authority that supervises the elections.

Ben Shrada concluded his speech by saying: “I do not think that there will be consensus between the two councils because the goal is not the same.”

National Commercial Bank announces that it has begun receiving applications to issue a $100,000 card and sets several conditions

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The National Commercial Bank announced today, Wednesday, that it has begun receiving applications for issuing and shipping “$100,000” MasterCard World Elite business cards, starting next Sunday.

The bank stated that the company’s account must be with the National Commercial Bank and that it must have a CBL code activated by the Central Bank of Libya, and that the company’s activity must not be subject to the approval of the Food and Drug Control Department, and that the applicant for issuing the card must submit an acknowledgment of his approval for the regulatory authorities to examine the movement of the card and purchases from During which, the supplier must undertake to submit customs declarations to the bank within a period not exceeding two months from the date of deducting the amount from the card balance.

National Commercial noted that the documents required to obtain the CBL commercial license, the commercial register, the statistical code, the chamber of commerce, the tax payment certificate, security contributions, the company’s articles of incorporation, copies of the national number and passports of the legal representative and members of the board of directors. If the company has a CBL code in other banks, a letter from the bank is required.

Libya Government Spending Reaches 83.6 Billion Dinars in 2023

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The Central Bank of Libya revealed in its statement issued today, Tuesday, regarding revenues and spending that the total government spending during the year 2023 until the end of October amounted to 83.6 billion dinars. The value of state revenues during the same period reached 96.6 billion dinars, meaning there is a surplus of 13 billion dinars.

The Central Bank explained that the state’s total revenues this year until the end of October amounted to 96.6 billion dinars, including 94.6 billion from oil revenues, which represent approximately 98% of revenues. Other sovereign revenues reached a total of 2 billion dinars, including 626 million from taxes, 257 million from customs, and 397 million from customs revenues, 1 million from the communications sector, 180 million from the sale of fuel in the local market, and other revenues worth 500 million dinars.

As for government spending during the same period, the Central Bank revealed that total spending reached 83.6 billion dinars, of which 43.7 billion dinars were allocated to salaries, 16.4 billion to support, 7.2 billion to administrative expenses, and 3 billion dinars to development Financial arrangements for the National Oil Corporation valued 8.8 billion dinars and 4.5 billion dinars.for the General Electricity Company

Government and State Institutions Spent 4.1 Billion Dinars in 2023, Central Bank Says

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The Central Bank of Libya revealed today, Tuesday, in its statement that total revenues reached 96 billion dinars from the beginning of this year until October 31, while total spending reached 83.6 billion dinars.

It explained that the volume of spending by the House of Representatives and its affiliated bodies amounted to 1.2 billion dinars, during the period from 1-1 to 10-31 of the current year.

CBL added during its statement that the volume of spending by the Council of Ministers of the National Unity Government and its affiliated bodies reached 2 billion and more than 255 million dinars.

The statement also revealed the volume of spending by the Presidential Council and its affiliated bodies, amounting to more than 618 million dinars.

It explained the volume of spending by the Supreme Council of State, which amounted to more than 61 million dinars.

Libyan Central Bank Reports $10.9 Billion Foreign Exchange Deficit in 2023

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The Central Bank of Libya revealed in a statement today, Tuesday, that the total uses of foreign exchange during this year until the end of October amounted to 30.6 billion dollars. The total foreign exchange revenues supplied to the Central Bank of Libya during the same period did not exceed 19.7 billion dinars. This represents a deficit that reached 10 billion and 900 million dollars.

The Central Bank explained in its statement that during the year 2023, it fed commercial bank accounts with an amount exceeding 17.5 billion dollars. This includes an amount of 10 billion and 159 million dollars for credits, an amount of 7 billion and 68 million dollars for personal purposes, and an amount of 282 million dollars in transfers. The largest value in the use of foreign exchange, according to the statement, was placed under the heading “obligations to public authorities” with a value amounting to 8 billion and 446 million dollars, without clarifying the nature of these obligations and their disbursement.