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Jumhouria Bank Holds Its General Assembly for 2024

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The General Assembly of Jumhouria Bank held its ordinary meeting for 2024 yesterday, Monday, at the Bab Al-Bahr Hotel in the capital, Tripoli. The meeting was attended by the Chairman and members of the General Assembly, members of the Board of Directors, the General Manager of the bank, the executive management, the Chairman of the Supervisory Authority, a certified contract writer, and the bank’s shareholders.

The Director of the Media Office of Jumhouria Bank, Mohamed Said, told our source that the meeting was dedicated to reviewing and approving the Board of Directors’ report on the bank’s activities for the financial year 2023. The auditor’s report on the results of the audit and review of the balance sheet and final accounts for the past financial year was presented, along with the Supervisory Committee’s report and the Sharia Supervisory Authority’s report for the financial year 2023.

He added that the General Assembly of Jumhouria Bank approved the balance sheet and final accounts for the past financial year at the conclusion of the meeting. Additionally, the proposal for profit distribution for the financial year 2023 was approved, and an auditor was appointed for the upcoming financial year 2025.

Takala Explores Ways to Finance Economic Projects in Support of the Private Sector

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The President of the High Council of State, Mohamed Takala, discussed the budget and ways to finance projects during his meeting with members of the council’s finance committee, Kamel Al-Jatlawi, Mundhir Al-Shahoumi, and Saleh Al-Zahaf. The discussion included loans, guarantees, and mortgaging properties to banks as collateral for loans, as well as facilitating dealings with the land registry to ease the process for owners of economic projects in support of the private sector.

The meeting also discussed the role of investment funds in supporting economically viable projects.

Al-Sour Reviews Mechanisms Adopted by the Ministry of Economy and Trade to Regulate Economic Activities

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During his meeting with the Deputy Minister of Economy and Trade, Suhail Abushiha, Attorney General Seddiq Al-Sour, reviewed the ministry’s work and examined the mechanisms adopted to regulate economic activities and align the business system in the country with the judicial system.

The meeting discussed decisions regulating commercial registry work, the decision to assign the Deputy Minister of Economy and Trade to manage the tasks of the commercial registry office, as well as regulations governing commercial agencies and trademarks. It also emphasized their compatibility with the judicial system according to the distribution of appellate circuits in Libya and their alignment with the spatial jurisdiction of each circuit.

The Attorney General was briefed on the plan to reorganize decisions regulating economic activities, prepared by the ministry to ensure objectivity and clarity in facilitating the issuance of documents for business practitioners. Additionally, mechanisms for regulating import and export operations were discussed to comply with the provisions of Law No. 23 of 2010 regarding commercial activities.

Dbeibeh Emphasizes the Necessity of Coordination with the State Issues Directorate in Following up on All Issues Raised against the Libyan Investment Authority

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Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, during his meeting today, Sunday, with the Chairman of the Authority, Ali Mahmoud, followed up on a number of external files related to the Libyan Investment Authority concerning arbitration cases in several international matters.

Dbeibeh stressed the necessity of coordination with the State Issues Directorate, the Office of the Attorney General, and the Ministry of Foreign Affairs in following up on all issues raised against the Corporation, and continuing serious work in monitoring and professional work to preserve Libyan investments abroad.

On his part, Ali Mahmoud presented a position regarding the legal procedures taken by the Authority regarding several cases it is following, the role of the Ministry of Foreign Affairs in the follow-up, as well as specialized international law firms.

The meeting was attended by the acting director of the Ministry of Foreign Affairs’ office, Al-Taher Al-Baour, a member of the Corporation’s management committee, Mustafa Al-Mana, and the Minister of State for Cabinet Affairs, Adel Jumaa.

Dbeibeh Follows up on Libyan Investments in Africa

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Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, followed up during his meeting with the personal envoy of the Prime Minister in Africa and the Minister of Youth on the situation of Libyan investments in the African continent.

Attending the meeting were the Chairman and members of the Board of Directors of the Libyan Investment Corporation, the Director-General of the Foreign Bank, the Chairman of the Board of Directors of Libya Africa Portfolio, the directors of the portfolio’s subsidiaries, the Director of Institutions and Cooperation at the Ministry of Finance, the Head of the Foreign Disputes Department at the Issues Directorate, and the Minister of State for Cabinet Affairs.

The General Manager of Libya Africa Portfolio, Mohamed Al-Milady, presented a visual presentation covering the portfolio’s activities in Africa and the difficulties and problems it faces in each country, considering the government’s interest in recent years in the issues raised against the portfolio by some countries and the assignment of government ministers related to coordinate with the Issues Directorate to follow up on these issues in coordination with the Libyan Investment Corporation with the aim of addressing some points politically and economically, considering that the current situation of the portfolio is positive compared to previous years.

Al-Milady clarified that what happened in Burkina Faso concerns the Foreign Bank of Libya and does not fall under the Libyan Investment Corporation.

On his part, the Consul and Director of the Foreign Bank presented a position regarding the contributions of the Foreign Bank in the African continent, indicating that the contributions of the Foreign Bank amount to 7 contributions in non-Arab African countries through the Commercial Bank of Niger and Equatorial Limited in Uganda, the Commercial Coast in Mali, the Burkinabe Commercial, the Chari Bank in Chad, the Banking Company across Africa in Togo, and the Zimbabwean Holding Company in Zimbabwe.

Dbeibeh also explained that the risks threatening investments in Africa are insufficient, capital controls, and nationalization used by several African countries without official legal procedures, the expiration of granted licenses, in addition to various issues with contractors, banks, and government partners in most African countries.

The Prime Minister directed the necessity of continuing serious and continuous legal work, in cooperation with international legal offices, and establishing partnerships with credible parties under good conditions, considering this the first choice at this stage.

The Preparatory Committee for the Libyan-Italian Economic Forum Holds its First Regular Meeting

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The Preparatory Committee for the Libyan-Italian Economic Forum held its first regular meeting with the participation of the Italian Ambassador to Libya and the commercial attaché at the embassy, which was dedicated to coordinating between the two sides regarding the forum’s agenda and the overall concept of its details.

Minister of State for Cabinet Affairs, Adel Jumaa, affirmed that Italian Prime Minister Giorgia Meloni and the Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, agreed during Meloni’s visit to Tripoli to hold the forum to support the private sector in both countries, and to increase economic cooperation in all fields.

On his part, the Chairman of the Management Committee of the Business Owners Council, Rashid Suwann, expressed support from the government for the Libyan private sector, providing activities, programs, and projects that contribute to enhancing its efficiency, and participating in the preparatory committees for these forums.

It is worth mentioning that the forum will be held on October 30th in the city of Tripoli.

Libya and U.S. Discuss Strengthening Cooperation in Information and Communication Technology

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Mohamed Bin Ayad, Chairman of the LPTIC Holding Company, met with Jeremy Berndt, the acting U.S. Ambassador to Libya, to discuss enhancing cooperation between the United States and Libya in the information and communication technology sector.

In a tweet from the U.S. Embassy’s account on the “X” social media platform on Tuesday, Berndt mentioned that he and Bin Ayad explored the potential for a partnership in this sector that would benefit both countries.

Additionally, Berndt and Keith Kirkham, a U.S. Department of Commerce official, met with members of the American Chamber of Commerce in Tripoli yesterday to discuss ways to strengthen trade relations between Libya and the United States.

Berndt emphasized the significant contributions the American private sector can offer Libya and reiterated his commitment to bolstering trade ties between the two nations.

Takala Discusses with Stephanie Ways to Address Rising Foreign Exchange Rates

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The President of the High Council of State, Mohamed Takala, met with the Deputy Special Representative of the UN Secretary-General, Stephanie Khoury, today to discuss the economic situation and the reasons behind the rising prices and foreign exchange rates against the Libyan dinar, and how to address these issues.

The meeting also covered the latest political developments in Libya and the importance of advancing the political process to achieve national reconciliation and acceptance of election results based on consensual laws founded on UN and international agreements.

Dbeibeh: “Turkey has Successful Industrial Experiences that Can Be Benefited From”

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The Prime Minister of the Government of National Unity, Abdul Hamid Dbeibeh, participated today, Monday, in the First International Libya Conference on Industry and Technology under the slogan “Investment Prospects, Partnership, and Technology Transfer in Industry.” He emphasized the necessity of supporting the private sector in Libya due to its significant role in developing the local economy.

In his speech, Dbeibeh explained that friendly countries like Turkey have successful industrial experiences that can be benefited from, noting that the public and private banking sector in Libya is in a deep slumber and must be supported.

Test Post 19/03/2024

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What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Why do we use it?

It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy. Various versions have evolved over the years, sometimes by accident, sometimes on purpose (injected humour and the like).

Where does it come from?

Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of “de Finibus Bonorum et Malorum” (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, “Lorem ipsum dolor sit amet..”, comes from a line in section 1.10.32.

The standard chunk of Lorem Ipsum used since the 1500s is reproduced below for those interested. Sections 1.10.32 and 1.10.33 from “de Finibus Bonorum et Malorum” by Cicero are also reproduced in their exact original form, accompanied by English versions from the 1914 translation by H. Rackham.

Where can I get some?

There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised words which don’t look even slightly believable. If you are going to use a passage of Lorem Ipsum, you need to be sure there isn’t anything embarrassing hidden in the middle of text. All the Lorem Ipsum generators on the Internet tend to repeat predefined chunks as necessary, making this the first true generator on the Internet. It uses a dictionary of over 200 Latin words, combined with a handful of model sentence structures, to generate Lorem Ipsum which looks reasonable. The generated Lorem Ipsum is therefore always free from repetition, injected humour, or non-characteristic words etc.