Libya is amending its banking laws to attract foreign investment and stimulate its private sector as it seeks to create an investor-friendly environment following last year's war that ousted Muammar Gaddafi, the central bank governor said.
In an interview with Reuters, Saddeq Omar Elkaber said the new Libyan leadership was working on creating the legal framework and necessary infrastructure, including updating a 2005 banking law which first allowed foreign banks in the North African country.
"We are working on amending laws to stimulate the private sector, as well as change the national banking structure," he said. "We have formed a committee to re-revise the law. We are also about to complete our preparations regarding Islamic banking regulations."
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