Libya Business Council and Sahel-Sahara bank discuss cooperation and investments in Africa
By Sami Zaptia.
London, 16 October 2020:
The Libya Business Council (LBC), Libya’s only legally recognized country-wide business council, discussed investment by LBC members in Africa with the Sahel and Sahara bank.
The discussion took place between LBC head, Abdalla Fellah, and Sahel-Sahara bank chairman Ahmed Tarhuni, at the bank’s Tripoli headquarters on Wednesday.
Speaking to Libya Herald from Tripoli by phone yesterday, Fellah explained that the discussion came as part of LBC support for its members and the revitalization of economic activity within Africa. He said other issues of common interest revolving around investing in Africa and facilitating banking operations for LBC members, were also discussed.
He revealed that the two parties agreed to invite LBC members to meet with the bank’s banking institutions in African countries, to discuss aspects of cooperation and investment machanisms within African countries, viewing Africa as fertile ground for trade, investment and projects of various kinds.
The Sahel-Sahara Investment and Trade Bank is one of the financial and banking arms of the Sahel-Sahara (CEN-SAD) community, of which Libya has a 70% stake, while 14 African countries own the rest of the shares in varying proportions. The Sahel-Sahara bank owns 80% of Libya-based Waha Bank, one of its investments in Libya.
The Sahel-Sahara bank has fourteen banks distributed within African countries through which it conducts the banking and financial activity, as well as supporting development paths and investment projects within Africa.